mortgage
Balance home and money, home loan, reverse mortgage concept : A man hand put us dollar money bag into scales on table with green nature as background. Savings, investment, loan for plan in the future.

NCUA posts HMDA data collection requirements for calendar year 2020

The NCUA recently announced that if your credit union makes residential mortgage loans and meets all four criteria outlined below, you must comply with the Consumer Financial Protection Bureau’s Regulation C, which implements the Home Mortgage Disclosure Act.

Regulation C requires you to collect HMDA data associated with mortgage loan applications processed during 2020, if:

  1. Your credit union’s total assets as of Dec. 31, 2019, exceeded $47 million;
  2. Your credit union had a home or branch office in a Metropolitan Statistical Area on Dec. 31, 2019;
  3. Your credit union originated at least one home purchase loan (other than temporary financing such as a construction loan) or refinanced a home purchase loan, secured by a first lien on a one-to-four-unit dwelling during 2019; and
  4. Your credit union originated at least 25 closed-end mortgage loans in each of the two preceding calendar years (2018 and 2019) or 500 open-end lines of credit in each of the two preceding calendar years (2018 and 2019).

 

Please contact compliance@lscu.coop with any questions or concerns.

Written by
Cara Clark
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.