Well, the CFPB is well on the way! On September 25, 2019, they released the 2020 HMDA Filing Instructions Guide (FIG) for data collected in 2020 and reported in 2021. Besides timing and changing references of “2019” to “2020,” the changes appear to be items like updated descriptions and instructions for certain fields and revisions to certain edits. We’re sure there will be more changes to come from lessons learned during the 2019 filing.
Along with the 2020 FIG, the Bureau also released a Supplemental Guide for Quarterly Filers, focusing on the required quarterly reporting for financial institutions reporting a combined total of at least 60,000 applications and covered loans, excluding purchased covered loans, for the preceding calendar year. In addition to the annual data submission, these larger-volume reporters will submit HMDA data for each of the first three quarters of the year on a quarterly basis. This supplemental guide outlines the areas and edits which differ from the instructions offered in the 2020 FIG.
If you’re not ready for HMDA or just want a checkup, TCA has A Better Way to get your institution prepared and ready! Contact us at (800) 934-7347 or [email protected]