The Home Mortgage Disclosure Act
(HMDA) requires most mortgage lenders lending in metropolitan areas
to collect data about their housing-related lending activity.
Annually, lenders must report those data to the appropriate federal
agencies and make the data available to the public. The CFPB's
regulation requires covered financial institutions that meet
certain thresholds to maintain data about home loan applications
(e.g., the type of loan requested, the purpose of the loan, whether
the loan was approved, and the type of purchaser if the loan was
later sold), to update the information quarterly, and to report the
information annually. The purpose of the information collection is:
(i) to help determine whether financial institutions are serving
the housing needs of their communities; (ii) to assist public
officials in distributing public-sector investment so as to attract
private investment to areas where it is needed; and (iii) to assist
in identifying possible discriminatory lending patterns and
enforcing antidiscrimination statutes. The information collection
will assist the CFPB's examiners, and examiners of other federal
supervisory agencies, in determining that the financial
institutions they supervise comply with applicable provisions of
HMDA.
US Code:
12
USC 2801 Name of Law: Home Mortgage Disclosure Act
The differences between current
burden and estimates of projected burden hours and costs are a
result of different approaches used to construct these estimates.
Unlike for previous PRA HMDA submissions, estimates of projected
burden and costs are generated from a highly granular analysis of
record-keeping, reporting, and disclosure requirements, which broke
down the process financial institutions use to gather and report
HMDA data into 18 specific tasks. The costs and burden hours of
each of these tasks varied by the complexity of the financial
institution, as captured by three representative institutions: a
high-complexity institution, a moderately complexity institution,
and a low-complexity institution. The CFPB has also aggregated, for
the purposes of these estimates, the reporting, recordkeeping, and
disclosure requirements for this rule into a single annual response
for annual reporters, and 4 responses per year for quarterly
reporters resulting in the reduction of responses under this
rule.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
HMDA Final Rule-PRA Supporting Statement FINAL.pdf
HMDA Recordkeeping