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
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 7100-0247 can be found here:
Reporting, Recordkeeping, and
Disclosure Requirements Associated with the Home Mortgage
Disclosure Act Loan/Application Register required by Regulation
C
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applications that are denied or withdrawn).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.
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
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.
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.
FRHMDALAR_20181128_omb.pdf
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