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FEDERAL RESERVE BANK OF DALLAS DALLAS. T E X A S 75222 Circular No. 82-12 January 29, 1982 HOME MORTGAGE DISCLOSURE Final HMDA-1 Form TO ALL MEMBER BANKS AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The Board o f G overnors o f th e Federal R eserve System is publishing the final version o f its HMDA-1 disclosure and reporting form , required under the H om e M ortgage D isclosure A ct. This form at is to be used by all depository institu tions covered by R egulation C for reporting their m ortgage and hom e im provem ent loan d ata, beginning with d ata for the calendar year 1981. The form c o n s titu te s Appendix C to the regulation. Printed on the follow ing pages is a copy o f th e m aterial as subm itted for publication in the Federal R e g iste r which more fully explains the Board's action . Q uestions regarding the Home M ortgage D isclosure A c t should be directed to this Bank's Legal D ep artm en t, Ext. 6228. Additional c o p ies o f this circular w ill be furnished upon request to the D ep artm en t o f C om m unications, Financial and C om m unity A ffairs, Ext. 6289. Sincerely yours, William H. W allace First Vice President Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) FEDERAL RESERVE SYSTEM 12 CFR Part 203 [Reg. C; Docket No. R-0350] H M M RTG G DISCLOSURE OE O AE Final HM DA-1 Form AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final r u l e . SUM ARY: M The Board i s publish ing the fi n a l version of i t s HM DA-1 d i s c lo s u r e and r epo rt in g form, required under th e Home Mortgage Disclosure Act. This f o r mat i s t o be used by a l l dep ository i n s t i t u t i o n s covered by Regulation C for r eport in g t h e i r mortgage and home improvement loan d a t a , beginning with data fo r the calendar year 1981. EFFECTIVE DATE: The form c o n s t i t u t e s Appendix C to the r e g u l a tio n . December 30, 1981. FOR FURTHER INFORM ATION CONTACT: John C. Wood, Senior Attorney, or Claudia J . Yarus, S t a f f Attorney, Division of Consumer and Community A f f a i r s , Board of Governors of the Federal Reserve System, Washington, D.C. 20551 (202-452-3667). SUPPLEM ENTARY INFORMATION: i t s HM DA-1 form. (1) The Board i s publishing the f in a l version of A proposed version of t h i s form was published in the Federal R egister on February 10, 1981 (46 FR 11780), as p a r t of the Board's proposal t o r e v i s e Regulation C (12 CFR Part 203) implementing th e Home Mortgage Disc lo sure Act (12 U.S.C. 2801-2811). The Board published a f i n a l , revised version of Regulation C t h a t became e f f e c t i v e on August 11, 1981 (46 FR 40679). P ubli ca tion of the f in a l version of th e HM DA-1 form was d e f e r r e d , however, because of th e forms review by the Office of Management and Budget required under the Paperwork Reduction Act (Pub. L. 96-511). th e form. 0M has now reviewed and approved B - 2 - The HM DA-1 form i s the prescribed standard format t h a t a l l depository i n s t i t u t i o n s su bject to Regulation C must use for d i s c lo s i n g and rep o rtin g mort gage and home improvement loan d a t a , beginning with data on loans made or pur chased in calen dar yea r 1981. Depository i n s t i t u t i o n s may photocopy th e HM DA-1 form t h a t will be provided through fed er al f i n a n c ia l supervisory ag encies, or may p r i n t t h e i r own re port forms so long as they use the prescrib ed format. I f they use computer-generated r e p o r t s , they may adapt the form for computer p r i n t - o u t as necessary, so long as th e format conforms to th e HM DA-1 form. Copies of the form will be made a v a i l a b l e t o a l l s t a t e member banks of the Federal Reserve System through the Federal Reserve Banks. The form will be made a v a i l a b l e to a l l othe r depos ito ry i n s t i t u t i o n s through th e nea res t regional o f f i c e of t h e i r federal supervisory agency — the Federal Home Loan Bank Board, th e Comptroller of the Currency, th e Federal Deposit Insurance Corporation, or the National Credit Union Administration. It i s contemplated t h a t the Federal Reserve Board will d i s t r i b u t e copies of HM DA-1 t o th e other agencies during the f i r s t two weeks in January 1982, f o r f u r t h e r d i s t r i b u t i o n by each agency t o the depository i n s t i t u t i o n s subject t o i t s j u r i s d i c t i o n . Depository i n s t i t u t i o n s should co ntact t h e i r own supervisory agency, not the Federal Reserve, f o r information about d i s t r i b u t i o n . The HM DA-1 form i s i d e n t i c a l in substance t o the proposed version t h a t was published in February 1981; the i n s t r u c t i o n s have been expanded t o a s s i s t users. This revised form i s a ls o s i m i l a r to the o r ig in a l form in Regu l a t i o n C, the d i f f e r e n c e being t h a t th e "Total Residential Mortgage Loans" column in the o r i g in a l form has been d e l e t e d . - 3 - The addition of the HMDA-1 form to Regulation C does not Impose any new requirements; i t merely provides the vehicle for f u lf illin g requirements already set forth in the regulation. Accordingly, the form becomes effective immediately, and is not subject to a delayed effective date under 5 U.S.C. 553(d). (2) Pursuant to the authority granted in 12 U.S.C. 2803(e) and 2804(a), the Board hereby amends Regulation C (12 CFR Part 203) by adding Appendix C, to read as follows: Appendix C MORTGAGE LOAN DISCLOSURE STATEMENT W H O MUST FILE. 1. This form must be filed by depository Institutions that a. have assets of more than $10 million, b. make first lien loans on 1-to-4 family residential real property, and c. are located In standard metropolitan statistical areas (SMSAs). 2. Institutions that have been exempted by the Federal Reserve Board because they are covered by a similar state mortgage loan disclosure law will Instead complete and file the disclosure form required by their state law. W H E N AND WHERE TO FILE. 1. The institution must send two copies of the disclosure statement to the regional office of Its federal enforcement agency no later than March 31 following the calendar year for which the loan data were compiled. 2. The Institution also must make Its disclosure statement available no later than March 31 for examination by the public. 4. Dollar amounts are to be rounded to the nearest thousand ($500 will be rounded up), and shown In terms of thousands. DATA TO BE EXCLUDED. 1. Do not report loans that, although secured by real estate, are made lor purposes other than the purchase of residen tial real estate or home improvement (for example, a loan secured by residential real property lor purposes of finan cing education, a vacation, or business operations). 2. Also exclude from disclosure: construction loans and other temporary financing; loans made or purchased by the institution acting in a fiduciary capacity (by the In stitution's trust department, for example); loans on unim proved land; and refinancings of loans originated by the Institution that involve no Increase In the outstanding principal (provided the parties to the loan remain the same). GEOGRAPHIC ITEMIZATION (Grouping of loan data by SMSA, census tract or county, and outside-SMSA). 1. Loan data are to be Itemized separately for each SMSA in which the institution has a home or branch olfice. A separate page must be used lor each SMSA. (See Item 4 below lor treatment of loans on property outside such SMSAs.) The institution must use the SMSA boundaries as defined by the U.S. Department of Commerce on January 1 of the calendar year for which the loan data are compiled. census tract outline maps. (The Institution should use the Census Bureau's PHC80-2 series for the 1980 census if it is available for the par ticular SMSA. Until the series Is available, the institution may use the Census Bureau's PHC(1) series maps for 1970, or it may use 1980 data from the Census Bureau (such as the GBF/DIM E files) or from a private publisher. The Institution should Indicate on the statement whether it has used 1970 or 1980 census tracts. An Institution us ing 1970 census tracts for a given SMSA must use them for the entire calendar year, even if the PHC80-2 maps for that SMSA become available during the year.) 4. If the property to which the loan relates is located outside SMSAs in which the reporting Institution has a home or branch office, or outside any SMSA, the loan data should be listed as an aggregate sum In Section 2 of the form; no geographic itemization Is necessary. 5. Institutions that have a home or branch office in the New York City/New Jersey SMSA should note that there are duplicate census tract numbers in New York City. There may also be duplicate numbers in other SMSAs. When reporting loan data relating to property In these SMSAs, the Institutions must indicate the county name In addition to the tract number. TYPE-OF-LOAN ITEMIZATION (Itemization of each geographic grouping Into loan categories). 1. Column A: INSTRUCTIONS FOR COMPLETION OF FORM 2. Loan data on property within an SMSA shall be further Itemized by the census tract in which the property Is located, except that the loan data shall be itemized by county Instead ol census tract when the property to which the loan relates is located DATA TO BE SHOW N. 1. The Institution must show the data on residential mort gage and home Improvement loans that were originated and purchased during the calendar year covered by the statement. 2. Data for each category on the statement must show both the number of loans and the total dollar amount of loans. 3. Data for loans originated by the Institution are to be shown in Part A and data for loans purchased in Part B. a. In an area that is not divided Into census tracts on the Census Bureau's census tract outline maps; or b. In a county with a population of 30,000 or less. (Note: To determine population, use the Census Bureau's PCB0-1-A population series. If that series Is not yet available for a particular county, use the PHC80-V series.) 3. To determine census tract numbers and SMSA bound aries, the institution should consult the Census Bureau's FHA, FmHA, end VA loans on 1-to-4 family dwellings. This category Includes loans that are secured by liens (both first and junior liens) and that are made for the purpose of purchasing residential real property and that have FHA, Fm HA. and VA Insurance or guarantee. It Includes refinanclngs (but see item 2 under DATA TO BE EXCLUDED). It may include, at an Institution’s option, first lien loans for home improvement purposes If the institution normally classifies first lien loans as purchase loans. It does not include FHA Title I loans, which are to be entered in column C. 2. Column B: Other home purchase loans ("conventional" loans) on 1-to-4 family dwellings. This category includes loans secured by liens (both first and junior liens) and made for the purpose of purchasing residential real properly, other than FHA, FmHA. and VA loans. II includes refinancings (but see item 2 under DATA TO BE EXCLUDED). It may in clude, at an institution's option, first lien loans lor home Improvement purposes II the institution normally classifies first lien loans as purchase loans. 3. Column C: Home improvement loans on 1-to-4 family dwellings. This category is limited to any loan, including a refinancing, that is to be used lor repairing, rehabilitating, or remodel ing a residential dwelling and that is recorded on the in stitution's books as a home improvement loan. It includes both secured and unsecured loans. 4. Column D: Loans on multi-lamlly dwellings (5 or more families). This category includes home purchase and home Improvement loans— that Is, It covers the same types of loans as are covered In columns A, B, and C. The difference is that those columns relate to loans on l-to-4 family dwellings, whereas column D relates lo loans on dwellings lor 5 or more families. 5. Column E: Non occupant loans on 1-to-4 family dwellings. This Is an addendum category lor reporting those home purchase and home improvement loans on 1-to-4 family dwellings (recorded in columns A, B, and C) that were made to a borrower who did not, at the time ol the loan application, intend to use the property as a principal dwelling. A depository institution may assume, unless its records con tain information to the contrary, that a loan It purchases does not fall within this category. NOTE: This is a reduced version of the HMDA-1 form. 8k x 14 inches. Actual size: FR B H M D A I MORTGAGE LOAN DISCLOSURE STATEMENT om b no. nobooao A pproval M p k n S f j l —TO— 1984 Report for loans made In 19____ This report Is required by law (12 U.S.C. 2801-2811 and 12 CFR 203). Depository Institution Enforcement Agency for this Institution ________________________ ____________________________________ H * am ____________________________________________________________ i m h ___________________________________________________________ Census tract series used: . N *"» ___________________________________________________________ 1970 series____ 1980 series SMSA (location of property) A d*M i i part A-ORIGINATIONS SECTION 1—LOANS ON PROPERTY LOCATED WITHIN THOSE SMSAs IN WHICH INSTITUTION HAS HOME OR BRANCH OFFICES Loans on 1 • to ■ 4 family dwellings CENSUS TRACT (In numerical sequence) where property located or COUNTY (name) where property located Home Purchase Loans FHA, FmHA, and VA Other ("Conventional") A No. ol Loans Home Improvement Loans B Principal Amount (Thousands) No. of Loans Principal Amount (Thousands) Loans on Multi-family Dwellings for 5 or more families (home purchases and home Improvement) D C No. of Loans Principal Amount (Thousands) SMSA TOTAL SECTION 2-L O A N S ON ALL PROPERTY LOCATED ELSEWHERE Addendum Item: Non-occupant Loans on 1 - to - 4 family dwellings No. ol Loans Principal Amount (Thousands) E No. of Loans Principal Amount (Thousands) PART B—PURCHASES SECTION 1-D A TA FOR PROPERTY LOCATED WITHIN THOSE SMSAs IN WHICH INSTITUTION HAS HOME OR BRANCH OFFICES Loans on 1 - to ■ 4 family dwellings CENSUS TRACT (In numerical sequence) where properly located or COUNTY (name) where properly located Home Purchase Loans Home Improvement Loans FHA, FmHA, and VA Other ("Conventional") A No. ol Loans B Principal Amount (Thousands) No. ol Loans Principal Amount (Thousands) Loans on Multi-family Dwellings for 5 or more families (home purchases and home Improvement) C No. of Loans Principal Amount (Thousands) Addendum Hem: Non-occupant Loans on 1 • to • 4 family dwellings D No. of Loans Principal Amount (Thousands) E No. ol Loans SMSA TOTAL SECTION 2 -L O A N S ON ALL PROPERTY LOCATED ELSEWHERE By order of the Board of Governors, December 30, 1981. (signed) William W Wiles . William W Wiles . Secretary of the Board [SEAL] Principal Amount (Thousands)