Due to a court case (which the CFPB apparently lost) the threshold for reporting 2023 HMDA data is MANDATORY for all banks with:
- At least 25 closed-end mortgage originations in 2021 and 2022 AND
- At least one branch in an MSA AND
- At least $50 million in assets (this is the 2022 number; the 2023 asset limit has not been announced.)
As a result, HMDA may be new to your institution. Or, if you were able to stop reporting for the last few years while the minimum was 100 originations, you may need to start reporting again beginning January 1, 2023.
We are offering a pre-recorded webinar through Young & Associates, Inc., with Bill Elliott, CRCM, as presenter. While the manual that accompanies the webinar will be complete, the major focus of the webinar will be on what you must accomplish in a very short time frame and will include a discussion of each HMDA data field. The webinar will likely be about three hours long.
This may also be an excellent refresher for those banks that will continue to be a HMDA reporter in 2023.
The recording and manual will be available no later than December 19, 2022. The CFPB announced the change in the regulation on December 12, 2022.
Available ON-DEMAND now through June 30, 2023.