What is a geocode for HMDA?
Geocoding refers to the Metropolitan Statistical Area/Metropolitan Division (MSA/MD), State, County, Census Tract combination (address information) that must be provided for each reported loan application and the System allows institutions to enter a street address to determine the corresponding geocode.
Where is HMDA data submitted?
The Bureau hosts the HMDA Beta Filing Platform (https://ffiec.beta.cfpb.gov/) where you can submit HMDA data in a sandboxed environment (a non-production system designed for application testing) prior to the official filing period.
How do I submit HMDA data?
- Download a free copy of the FFIEC HMDA Data Entry Software.
- Select ‘Add’ Transmittal, and then ‘Add’ Loan Application Register (LAR) records to create a new submission.
- Prepare your HMDA data submission for the calendar year.
- Return to the Front Page and perform a ‘Batch Edit’ on the HMDA data.
What is an MSA identifier?
Identifies Metropolitan Statistical Area (MSA) where subject property is located. A MSA is a contiguous geographic area consisting of an urban center city and its surrounding suburbs. Term Source: LDD.
What geocode means?
Geocoding is the computational process by which a physical address is converted into geographic coordinates, which can be used for a variety of mapping applications.
What are HMDA requirements?
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.
What is HMDA data used for?
About HMDA These data help show whether lenders are serving the housing needs of their communities; they give public officials information that helps them make decisions and policies; and they shed light on lending patterns that could be discriminatory.
Is HMDA required on a Heloc?
The 2015 HMDA Rule requires some financial institutions to report data on certain dwelling-secured, open-end lines of credit, including home-equity lines of credit.
How are MSA determined?
Metropolitan statistical areas (MSA) are delineated by the U.S. OMB as having at least one urbanized area with a minimum population of 50,000. Metropolitan statistical area (MSA) is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors.
How many MSA are in the US?
384 metropolitan statistical areas
As of March 2020, there are 384 metropolitan statistical areas and 543 micropolitan statistical areas in the United States.
What information is needed to geocode?
Geocoding is the process of transforming a description of a location—such as a pair of coordinates, an address, or a name of a place—to a location on the earth’s surface. You can geocode by entering one location description at a time or by providing many of them at once in a table.
What is the HMDA reporting guide?
The Guide is a valuable resource for assisting all institutions in their HMDA reporting. It includes a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data.
What is the 2020 reportable HMDA data tool?
2020 Reportable HMDA Data: A regulatory and reporting overview reference chart – Reference tool for HMDA data required to be collected and recorded in 2020 and reported in 2021, as well as when and how to report HMDA data as “not applicable.”
What is HMDA compliance?
Updated Jun 25, 2019. The Home Mortgage Disclosure Act (HMDA) is a federal act approved in 1975 that requires mortgage lenders to keep records of certain key pieces of information regarding their lending practices which they must submit to regulatory authorities. It was implemented by the Federal Reserve through Regulation C.
What is the HMDA data browser?
The HMDA Data Browser is a tool that allows users to filter and download HMDA datasets. Here you can find various tools to assist you in getting your HMDA LAR ready for filing. The HMDA data and reports are the most comprehensive publicly available information on mortgage market activity.