In addition, we remind HMDA filers of changes to financial institution coverage in effect from January 1, 2017 to December 31, 2017. On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation C, which implements HMDA. The final rule narrows the scope of depository institutions subject to Regulation C in 2017. A depository institution will not be subject to Regulation C in 2017 unless it: (1) meets the current Regulation C asset-size, location, federally related, and loan activity tests, and (2) originated at least 25 home purchase loans, including refinancings of home purchase loans, (as those terms are defined in current Regulation C) in each of the two preceding calendar years (i.e., at least 25 in 2015 and at least 25 in 2016). A 2017 HMDA institutional coverage chart illustrates how to determine whether an institution is covered by Regulation C in 2017.
More on CFPB’s website.
SML Renewal Deadline and Closings of Mortgage Loans
January 4, 2017. RENEWAL DEADLINE IS OVER. License renewal is from November 1 to December 31. If an entity or individual mortgage loan originator did not timely submit their completed license renewal by December 31st they CANNOT ORIGINATE any further residential mortgage loans until their license is reinstated.
Loans that were originated PRIOR to December 31st, by a licensed and properly sponsored mortgage loan originator, can be closed and funded in the normal course of business. The status of the license on closing date does not impact the ability for the loan to be closed and funded.
More on TDSML’s website.
Social Media Best Practices and SML Requirements October 26, 2015
Social Media Best Practices & Agency Requirements can be found on SML’s website.
Updated Versions of the Know Before You Owe
The Bureau has published on their website updated versions of the Know Before You Owe mortgage disclosure rule Small Entity Compliance Guide and the Guide to Forms. The documents can be accessed on the TILA-RESPA implementation webpage.
Expand Your Skills and Knowledge at a MERS® Regional Workshop. Do you want to learn about the MERS® System and its supporting processes in a live training environment? If so, join us for a half-day, interactive MERS® Regional Workshop! Click here.
OVERVIEW OF HMDA WEBINAR. The Bureau has made available on its website a webinar that provides an overview of the HMDA final rule and addresses institutional and transactional coverage, the data disclosure and submission process, as well as some key dates found in the final rule. Also available, is a HMDA transactional coverage chart that may be used when determining whether a transaction is reportable under HMDA. In addition, for your convenience, we have posted to the website a PDF of the sample data collection form from Appendix B of the HMDA final rule.
You can access the webinar and the additional implementation resources on our dedicated implementation webpage for HMDA at: http://www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/hmda-implementation/
HMDA DATA TO BE FILED WITH CFPB. Beginning with data collected in 2017, financial institutions will file their HMDA data with the Consumer Financial Protection Bureau rather than the Federal Reserve Board. On July 13, 2016, the FFIEC and HUD published the following documents on Resources for HMDA Filers to help financial institutions report Home Mortgage Disclosure Act (HMDA) data collected in or after 2017. These materials are also accessible from the FFIEC website.
CFPB's eRegulations is a web-based tool that makes regulations easier to find, read, and understand. The tool has been expanded to include three additional Bureau regulations. We are also updating an existing regulation to reflect changes that the Bureau has recently made.
Check out eRegulations: www.consumerfinance.gov/eregulations.