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#1951736 - 08/11/14 08:41 PM HMDA on HELOC's
Fun times... Offline
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Joined: Jun 2012
Posts: 106
Is it true that HELOC's will be a required loan to be reporting starting in 2015? A bank will not have the option of reporting HELOC's or not anymore?

Thanks-

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#1951743 - 08/11/14 08:45 PM Re: HMDA on HELOC's Fun times...
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
We do not have a start date, this is out in the proposal phase. In the proposed rules all open end credit secured by a residence, whether consumer or business purpose, would be HMDA reportable, no option.

Also, all closed end secured by a residence, regardless of purpose, would be reportable. Again this is a proposal out for comment and likely would not go into effect prior to 2016.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#1951853 - 08/12/14 12:43 PM Re: HMDA on HELOC's Fun times...
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Kathleen's right, so let me directly answer your question:
No. HELOC's are still optional reporting under today;s (& 2015's) HMDA rules.
HELOC's will be reported when the proposed rules are finalized and go into affect (most likely, and my guess, in 2016).
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David Dickinson
http://www.bankerscompliance.com

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#1952173 - 08/12/14 05:36 PM Re: HMDA on HELOC's Fun times...
Fun times... Offline
100 Club
Joined: Jun 2012
Posts: 106
Thank you - we misunderstood at a conference recently that HELOC's would be reported as HMDA in 2015, but now looking back the conversation was surrounded about the proposed changes in the proposal.

We couldn't figure out how we missed that?!? ha! Thank you to the both of you for your follow up. I truly enjoy getting information from each of you due to your credability and experience.

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