Question of the Week
Friday, April 27, 2018 8:00 AM

Question:  How do I know if my credit union is required to collect information under HMDA for this year?

Answer: For the 2018-2019 year, for your credit union to be covered under HMDA, it will need to have:

  • Originated at least one (1) home purchase or home refinance loan secured by a first lien on a 1-4 family dwelling, AND
  • Have total assets in exceed of the minimum asset threshold (set at $45 million for 2018), AND
  • Have a home or branch office in a Metropolitan Statistical Area (MSA) as of December 31, 2017, AND
  • Been federally insured or regulated, supplemented or guaranteed by a Federal Agency, and/or intended for sale to Freddie Mac/Fannie Mae, AND

(This is new going forward)
Have either:

  • Originated at least 25 closed-end covered loans in each of the two preceding calendar years, or
  • Originated at least 500 open-end covered loans in each of the two preceding calendar years.

For more information on coverage, see CFPB’s Chart.