Reporting, Recordkeeping, and Disclosure Requirements Associated with the Home Mortgage Disclosure Act Loan/Application Register required by Regulation C

ICR 201811-7100-009

OMB: 7100-0247

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2018-11-28
ICR Details
7100-0247 201811-7100-009
Active 201808-7100-008
FRS FR HMDA LAR
Reporting, Recordkeeping, and Disclosure Requirements Associated with the Home Mortgage Disclosure Act Loan/Application Register required by Regulation C
Revision of a currently approved collection   No
Delegated
Approved without change 11/29/2018
Retrieve Notice of Action (NOA) 11/29/2018
  Inventory as of this Action Requested Previously Approved
11/30/2021 36 Months From Approved 01/31/2019
1,527 0 1,515
673,474 0 511,035
0 0 0

HMDA was enacted in 1975 and is implemented by Regulation C. Generally, HMDA requires certain depository and non-depository institutions that make certain mortgage loans to collect, report, and disclose data about originations and purchases of mortgage loans, as well as loan applications that do not result in originations (for example, applications that are denied or withdrawn). HMDA was enacted to provide regulators and the public with loan data that can be used to (1) help determine whether financial institutions are serving the housing needs of their communities, (2) assist public officials in distributing public-sector investments so as to attract private investment to areas where it is needed, and (3) assist in identifying possible discriminatory lending patterns and enforcing anti-discrimination statutes. Supervisory agencies, state and local public officials, and members of the public use the data to aid in the enforcement of the Community Reinvestment Act, the Equal Credit Opportunity Act, and the Fair Housing Act and to aid in identifying areas for residential redevelopment and rehabilitation.

US Code: 12 USC 2803(j) Name of Law: Home Mortgage Disclosure Act
   US Code: 12 USC 2803(h)(2)(A) Name of Law: Home Mortgage Disclosure Act
  
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL: Pub.L. 115 - 174 132 Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act

Not associated with rulemaking

  83 FR 43868 08/28/2018
83 FR 58773 11/21/2018
No

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,527 1,515 12 0 0 0
Annual Time Burden (Hours) 673,474 511,035 162,439 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The Board relied on the Bureau’s burden estimate methodology for all proposed burden calculations herein. For the purpose of calculating burden, the Bureau placed institutions into one of three tiers, and the Board followed this approach. Tier 1 denotes an institution with the highest level of complexity, tier 2 denotes a representative financial institution with a moderate level of complexity, and tier 3 denotes a representative financial institution with the lowest level of complexity. The Bureau assumed that, for closed-end reporters, the tier 1 representative financial institution has 50,000 records, the tier 2 representative has 1,000 records, and the tier 3 representative has 50 records on the HMDA LAR. For open-end reporting, the Bureau adopted the three tier approach and most of the key assumptions used for closed-end reporting above, with two modifications. First, for the representative low-complexity open-end reporter, the Bureau assumed that the number of open-end lines of credit applications would be 150. This was set to both accommodate the threshold of 100 open-end lines of credit and to reasonably reflect the likely distribution among the smallest open-end reporters based on the Bureau’s estimated number of likely open-end reporters and their volumes. Second, for the representative high-complexity open-end reporter, the Bureau assumed that the number of open-end line of credit applications would be 30,000. This reflects a reasonable distribution among the largest open-end reporters based on the Bureau’s estimated number of likely open-end reporters and their volumes. The Bureau assumed that the number of open-end line of credit applications for the representative moderate-complexity open-end reporter would still be 1,000, just as for the moderate-complexity closed-end reporter.

$0
No
    Yes
    No
No
Yes
No
Uncollected
Jennifer Williams 202 452-2446 [email protected]

  No

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.
11/29/2018


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