HMDA Data Collection Timelines | HMDA Documentation (2024)

FAQs

HMDA Data Collection Timelines | HMDA Documentation? ›

Annual Filing Period Dates​

Section 1003.5(a)(1)(ii) requires that, within 60 calendar days after the end of each calendar quarter except the fourth quarter, a financial institution that reported for the preceding calendar year at least 60,000 covered loans and applications, combined, excluding purchased covered loans, must submit its loan/ ...

Mid-January: Collection and processing of HMDA data for the preceding calendar year begins. March 1: You must submit initial HMDA data for your institution to the processing agency specified by your supervisory agency no later than March 1 following the calendar year for which the data are compiled.

​ The Annual filing period is between January 1 and March 1 of each year. The HMDA Filing Platform for each filing period opens January 1st. The submission deadline is March 1st.

For three years, a covered institution is required to retain its loan application register (“LAR” or “HMDA LAR”), the document which contains the recorded data on each application and loan. Financial institutions may maintain their annual HMDA LARs in either paper or electronic form.

By law, you must receive a copy of your Closing Disclosure three business days prior to closing.

The closing disclosure form should be delivered to you at least three days before your closing date. It provides details about your mortgage including the interest rate, term, and your projected monthly payment.

The dynamic files contain the national HMDA datasets, modified by the Bureau to protect applicant and borrower privacy, updated weekly for all HMDA reporters.

HMDA requires lenders to report the ethnicity, race, gender, and gross income of mortgage applicants and borrowers. Lenders must also report information regarding the pricing of the loan and whether the loan is subject to the Home Ownership and Equity Protection Act, 15 U.S.C. 1639.

Identifying HMDA Reportable Transactions

§1003.3(c), an institution subject to HMDA must report all consumer closed‑end mortgage loans and open-end lines of credit secured by a dwelling.

How often must LAR reports be submitted? ›

Beginning January 1, 2020, the 2015 HMDA Final Rule requires quarterly reporting for financial institutions that reported a combined total of at least 60,000 applications and covered loans, excluding purchased covered loans, for the preceding calendar year.

The final rule imposes a new requirement that financial institutions that report large volumes of HMDA data for a calendar year also submit their data for the first three quarters of the following calendar year to the appropriate Federal agency on a quarterly basis.

Action Taken Date

The settlement or closing date for originations. For applications that did not result in an origination, the date when the action was taken or when the notice was sent to the applicant is entered.

If you have a denied or withdrawn application that is HMDA reportable you can't discard the data after 12 or 25 months because HMDA says you must retain the HDMA data for three years.

Records should be kept for as long as they are needed. As a matter of good practice, you should keep a copy of any requested information for a period of time after the date of the last communication concerning the request. This is particularly important if you have refused to disclose any part of the information.

Duration for records and accounts keeping

You are required to retain the accounting records and supporting documents for 5 years. Failure to do so may result in: Expenses claimed being disallowed; or/ and.

This waiting period gives you time to review all the documents to ensure that the terms you're agreeing to match the terms outlined at the beginning of the mortgage process when you received your loan estimate (which lenders are required to disclose no later than three days after receiving your completed application).

For Loan Estimates, each day on which a creditor's offices are open to the public count as a business day. Loan estimates must be delivered or placed in the mail no later than the 3rd business day after receiving your loan application.

Most loan applications only take a few minutes to complete, and funding can be delivered electronically to your bank account within one to three business days. But the exact timeline depends on the type of lender you work with and its underwriting process.

The disclosures required by § 1026.19(a)(1)(i) must be delivered or mailed not later than three business days after the creditor receives the consumer's written application.