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#2247437 - 01/11/21 02:36 PM Newly excluded institution
Isn'tThisFun Offline
New Poster
Joined: Sep 2016
Posts: 22
We are a newly excluded institution for reporting due to the new thresholds that were effective 7/1/2020. Do I need to notify anyone that we won't be submitting a LAR/reporting or do we simply just not upload our LAR?

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#2247440 - 01/11/21 03:08 PM Re: Newly excluded institution Isn'tThisFun
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
An institution that was a financial institution as of January 1, 2020 but is not a financial institution on July 1, 2020 because it originated fewer than 100 closed-end mortgage loans in 2018 or 2019 is not required in 2021 to report, but may report, applications for, originations of, or purchases of closed-end mortgage loans for calendar year 2020 that are excluded transactions because the institution originated fewer than 100 closed-end mortgage loans in 2018 or 2019. However, an institution that was a financial institution as of January 1, 2020 and chooses to report such excluded applications for, originations of, or purchases of closed-end mortgage loans in 2021 must report all such applications for closed-end mortgage loans that it receives, closed-end mortgage loans that it originates, and closed-end mortgage loans that it purchases that otherwise would be covered loans for all of calendar year 2020.

If you choose not to report - you just don't report.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2247441 - 01/11/21 03:12 PM Re: Newly excluded institution Isn'tThisFun
Isn'tThisFun Offline
New Poster
Joined: Sep 2016
Posts: 22
Great, thanks Randy!

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