January 24, 2014

$43 million threshold for HMDA reporting in effect

Jan. 27, 2014 – Certain credit unions that issued mortgages last year and had more than $43 million in assets as of Dec. 31 are required to maintain mortgage loan/application registers this year under the Home Mortgage Disclosure Act.

NCUA, in a Regulatory Alert last week, reminds that credit unions that meet the three criteria for HMDA reporting must keep registers on all of this year's mortgage loans issued and applications taken and submit that data to the Federal Reserve Board by March 2, 2015.

The three criteria include the asset-size threshold, location in a metropolitan statistical area and issuance of a home purchase loan (or related refinancing) in the previous calendar year.