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CFPB Blog: Changes to HMDA closed-end reporting threshold

A December 6, 2022, article on the CFPB's Blog acknowledges the September 23, 2022, order of the U.S. District Court for the District of Columbia vacating the 2020 Home Mortgage Disclosure Act (HMDA) final rule as to the loan volume reporting threshold for closed-end mortgage loans. The decision means that the threshold for reporting data on closed-end mortgage loans is now 25 loans in each of the two preceding calendar years, which is the threshold established by the 2015 HMDA final rule, rather than the 100 loan threshold set by the 2020 HMDA final rule.

The article states that the CFPB "recognizes that financial institutions affected by this change may need time to implement or adjust policies, procedures, systems, and operations to come into compliance with their reporting obligations. In these limited circumstances, in allocating the CFPB’s enforcement and supervisory resources, the CFPB does not view action regarding these institutions’ HMDA data as a priority. Thus, the CFPB does not intend to initiate enforcement actions or cite HMDA violations for failures to report closed-end mortgage loan data collected in 2022, 2021, or 2020 for institutions subject to the CFPB’s enforcement or supervisory jurisdiction that meet Regulation C’s other coverage requirements and originated at least 25 closed-end mortgage loans in each of the two preceding calendar years but fewer than 100 closed-end mortgage loans in either or both of the two preceding calendar years."

The Bureau does not say whether other regulators or the courts will agree with that statement. The Bureau has not said whether it intends to appeal the order vacating the 2020 HMDA final rule.

[Editor's comment: Until the uncertainties of this situation are cleared up, financial institutions should plan to adhere to the 25 closed-end mortgage loan threshold (in each of the two preceding years) for calendar year 2023 HMDA data collection compliance.]

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