To All Depository Institutions and Others
Concerned in the Second Federal Reserve District:
In a press release, the Federal Reserve Board announced changes to the public disclosure tables that are used to report data collected by lenders under the Home Mortgage Disclosure Act (HMDA), which is implemented by the Board’s Regulation C.
The formats for some of the existing disclosure tables have been revised, one set of existing tables has been deleted, and new tables have been added.
The changes reflect revisions to Regulation C, adopted by the Board in 2002, that require lenders to collect new data beginning January 1, 2004. These revisions to the public disclosure tables do not affect the data collection and reporting requirements applicable to lenders subject to Regulation C. The revised disclosure tables merely show the format that will be used by the federal financial regulatory agencies for public disclosure of the data collected and reported by lenders.
The 2002 revisions to Regulation C require lenders to collect and report data including loan pricing information (the rate spread between the annual percentage rate on the loan and the yield on Treasury securities of comparable maturity); whether the loan is subject to the Home Ownership and Equity Protection Act; whether manufactured housing is involved; whether the loan is secured by a first or subordinate lien on the property; and certain information about requests for preapproval. In addition, the race and ethnicity categories were changed to conform to standards established by the Office of Management and Budget.
The first year for which the new data will be reported is 2004. Data from institutions must be submitted to the federal financial regulatory agencies no later than March 1, 2005, and the data will be reflected in the public disclosures scheduled to be released later in the year.
Legal and Compliance Risk Function
William L. Rutledge
Executive Vice President