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Federal Reserve Bank of Dallas ROBERT D. McTEER, JR. DALLAS, TEXAS P R E S ID E N T 75265-5906 A N D C H I E F E X E C U T IV E O F F I C E R March 24, 1998 Notice 98-26 TO: The Chief Executive Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT Proposed Amendments to Regulation C (Home Mortgage Disclosure) DETAILS The Board of Governors of the Federal Reserve System is requesting public comment on proposed amendments to Regulation C (Home Mortgage Disclosure). The proposed amendments would (1) modify the Loan Application Register to prepare for Year 2000 data systems conversions; (2) delete the requirement to enter the reporting institution’s parent company on the Transmittal Sheet; and (3) make certain other technical changes to the regulation and reporting forms. The Board must receive comments by April 27, 1998. Please address comments to William W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551. All comments should refer to Docket No. R-0999. ATTACHMENTS A copy of the Board’s notice as it appears on pages 9453-59, Vol. 63, No. 37 of the Federal Register dated February 25, 1998, is attached. MORE INFORMATION For more information, please contact Eugene Coy at (214) 922-6201. For additional copies of this Bank’s notice, please contact the Public Affairs Department at (214) 922-5254. Sincerely yours, For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Federal Register/Vol. 63, No. 3 7 /W ednesday, February 25, 1998/Proposed Rules Disclosure). The proposed am endments: m odify the Loan A pplication Register to prepare for “year 2000” data systems conversion; delete the requirem ent to enter the reporting in stitu tio n ’s parent com pany on the Transm ittal Sheet; and make certain other technical changes to the regulation and reporting forms. DATES: Comments m ust be received on or before A pril 27, 1998. ADDRESSES: Comments should refer to Docket No. R-0999, and may be m ailed to W illiam W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., W ashington, D.C. 20551. Comments also may be delivered to Room B— 2222 of the Eccles Building betw een 8:45 a.m. and 5:15 p.m. weekdays, or to the guard station in the Eccles Building courtyard on 20th Street, N.W. (between Constitution Avenue and C Street) at any time. Comments received w ill be available for inspection in Room M P-500 of the M artin Building betw een 9:00 a.m. and 5:00 p.m. weekdays, except as provided in 12 CFR 261.8 of the Board’s rules regarding availability of information. FOR FURTHER INFORMATION CONTACT: FEDERAL RESERVE SYSTEM 12CFR Part 203 [Regulation C; Docket No. R -0 99 9 ] Home Mortgage Disclosure Board of Governors of the Federal Reserve System. ACTION: Proposed rule. AGENCY: SUMMARY: The Board is publishing for public comment proposed amendments to Regulation C (Home Mortgage 9453 confusion of a date in the 21st century w ith a date in the 20th century—by adding two digits to represent the century. For example, January 15, 2002, w ould be reflected as 01/15/2002 rather than 01/15/02. Accordingly, the Board proposes to revise the HMDA-LAR form and the instructions (Appendix A to Regulation C) to require the date of application and date of action taken to be entered in the form MM/DD/CCYY. The paper version of the HMDA-LAR m odel form in A ppendix A shows sample transactions, the first an originated loan and the second a denied application. In both examples, the “ date application received” and “date action taken” fields contain dates from 1992. Similarly, the instructions relating to these two fields contain references to 1992 dates. To update these examples and instructions, as w ell as to rem ind reporting institutions of the change to a four-character year in the date fields, the proposed am endm ents replace “ 92” w ith “ 1999” in the examples and instructions. B. Deletion o f Parent C om pany Inform ation Pamela C. Blum enthal, Staff Attorney, The Transm ittal Sheet (TS) that or John C. Wood, Senior Attorney, accom panies the HMDA-LAR currently Division of Consumer and Comm unity calls for the name and address of the Affairs, Board of Governors of the parent company, if any, of the Federal Reserve System, W ashington, institution subm itting HMDA data. The DC 20551, at (202) 452-2412 or (202) Board proposes to am end the TS by 452-3667; for users of deleting the requirem ent to enter the Telecom m unications Device for the Deaf nam e and address of the submitting (TDD) only, contact Diane Jenkins at institution’s parent company, given that (202) 452-3544. in m ost cases this inform ation is SUPPLEMENTARY INFORMATION: available from the bank structure I. Background inform ation already collected by the agencies. The Board’s Regulation C (12 CFR Part 203) im plem ents the Home C. Reassignm ent o f Functions o f Mortgage Disclosure Act (HMDA) (12 Farmers H om e Adm inistration U.S.C. 2801 et seq.). The regulation One of the items of information requires m ost mortgage lenders located reported on the HMDA-LAR about a in m etropolitan statistical areas (MSAs) to report annually to federal supervisory loan or application is the type of loan. Similarly, for loans sold, the lender agencies, and disclose to the public, reports the type of purchaser of the loan. inform ation about their hom e mortgage The code sheet lists the Farmers Home and hom e im provem ent lending A dm inistration (FmHA) as one of the activity. categories (as an insurer or purchaser of II. D iscussion o f Am endm ents loans). A. Year 2000 Changes Reorganization w ithin the Departm ent of Agriculture has resulted in the Among items reported on the HMDA functions of the FmHA being reassigned Loan A pplication Register (HMDAto two new units, the Farm Service LAR), institutions are required to enter the date of application and the date Agency and the Rural Housing Service. For “type of loan,” the Board proposes action was taken. Currently, these dates are to be entered using two digits for the to replace the references to the Farmers year, in the form MM/DD/YY. As part of Home A dm inistration or FmHA (in the code sheet for the HMDA-LAR form and the interagency Year 2000—Century in the instructions regarding type of Date Change program, the Board, on loan) w ith a reference to “Farm Service behalf of the agencies responsible for Agency or Rural Housing Service” (or HMDA compliance, has begun “FSA/RHS”). W ith regard to “type of m odifying software to avoid the 9454 Federal R egister/Vol. 63, No. 3 7 /W ednesday, February 25, 1 9 9 8 /Proposed Rules purchaser,” the successor agencies to FmHA do not purchase loans. A secondary market entity that does purchase loans, the Federal Agricultural Mortgage Corporation, is not currently included in the list. Accordingly, the Board proposes to revise the references to FmHA, as a purchaser of loans, to refer instead to the Federal Agricultural Mortgage Corporation or FAMC. In the collection and reporting of 1998 data, institutions should use the existing codes for FmHA to refer to loans guaranteed by FSA or RHS, or to loans that have been sold to FAMC, as applicable. D. Paperwork Reduction A ct Requirem ents Regulations issued by the Office of M anagement and Budget (OMB) to im plem ent the Paperw ork Reduction Act (5 CFR Part 1320) contem plate that regulations im posing data collection requirem ents include control num bers assigned by OMB. Currently, Regulation C, the instructions for the HMDA-LAR and TS, and the TS form itself contain an OMB control num ber (7100-0247) assigned to the Federal Reserve in connection w ith HMDA reporting requirements. The Board is making a technical am endm ent to the regulation, the instructions, and the TS form— adding the control num bers assigned to the Office of the Comptroller of the Currency (1557-0159), the Federal Deposit Insurance Corporation (30640046), and the Office of Thrift Supervision (1550-0021). The National Credit U nion A dm inistration and the D epartm ent of Housing and Urban D evelopm ent are in the process of obtaining OMB control numbers; these num bers w ill be added at a later time. The am endm ent also includes a num ber of other m inor technical changes in the instructions and the TS form. E. Clarification Regarding Coverage o f N ondepository Lending Institutions The Board proposes a technical am endm ent to clarify the coverage of nondepository institutions. The definition of “financial institu tio n ” u nder Regulation C includes nondepository lending institutions that, in the preceding calendar year, originated home purchase loans or refinancings of hom e purchase loans in an am ount of 10 percent or more of the in stitu tio n ’s total loan origination volume, m easured in dollars. The definition is stated in § 203.2(e)(2) and in paragraph I.D. of A ppendix A to the regulation. Even if a nondepository institution meets the definition of “financial institution,” however, it is not covered by Regulation C unless the institution either had assets over $10 m illion or originated 100 or more home purchase loans, including refinancings of hom e purchase loans, during the preceding calendar year. The instructions (see paragraph I.C. of A ppendix A) refer expressly to refinancings, b u t § 203.3(a)(2)(ii) does not. Some institutions have suggested to the Board that including a reference to refinancings in § 203.3 w ould be useful. The Board’s notice at the tim e the 100-loan test was added to Regulation C m ade clear that refinancings of home purchase loans are included in calculating w hether the coverage threshold was reached. (See 57 FR 56963, December 2, 1992.) Accordingly, the Board proposes adding a reference to refinancings of home purchase loans to § 203.3(a)(2)(ii), to conform to paragraph I.C. of A ppendix A. F. A d justm ent in E xem ption Threshold fo r D epository Institutions The Board is required to adjust the exem ption threshold for depository institutions annually based on the annual percentage change in the Consumer Price Index. In December 1997, the Board am ended the Regulation C staff commentary, adjusting the exem ption threshold for depository institutions for 1998 data collection to $29 m illion (62 FR 66259, December 18, 1997). (The figure for 1997 data collection was $28 million.) Thus, depository institutions w ith assets of $29 m illion or less as of December 31, 1997, are exem pt from data collection in 1998. The Board is am ending the regulation and the instructions for the HMDA-LAR to conform. G. Effective Date o f A m en dm en ts The Board proposes to make the final am endm ents effective for data collected in calendar year 1998, w hich w ill be subm itted to supervisory agencies by M arch 1,1999. The personal com puter data entry software available from the supervisory agencies for 1998 data collection already reflects the am endm ents relating to four-digit year and the deletion of parent com pany information. The Board believes that private sector software vendors (and institutions that have developed their ow n software) have modified their HMDA data entry software in a similar m anner, or are in the process of doing so. Accordingly, the Board believes that making these am endm ents effective for 1998 data w ill not be burdensom e to reporting institutions. However, the Board requests com ment from any institutions th at m ay have a problem in complying. Other am endm ents in this proposal make changes to Regulation C that are technical or that merely clarify existing rules; the Board does not believe any of these changes w ould impose com pliance burdens on reporting institutions. These proposed am endm ents do not affect the reporting of calendar year 1997 data, w hich are due no later than M arch 1,1998; the requirem ents for data collected in 1997 rem ain unchanged. III. Regulatory Flexibility A nalysis In accordance w ith section 3(a) of the Regulatory Flexibility Act (5 U.S.C. 604), the Board’s Office of the Secretary has reviewed the proposed am endm ents to Regulation C. Overall, the am endm ents are not expected to have a significant im pact on small entities. A final regulatory flexibility analysis w ill be conducted after consideration of com ments received during the public com m ent period. IV. Paperw ork R eduction Act A. Paperwork Burden In accordance w ith the Paperwork Reduction Act of 1995 (44 U.S.C. 3506), the Board has review ed the proposed rule under authority delegated to the Board by the Office of Management and Budget. 5 CFR 1320 A ppendix A .I. The proposed revisions to the inform ation collection requirem ents are found in 12 CFR 203.1, 203.3, and A ppendix A to Part 203 and im plem ent the data collection and reporting requirem ents established by the Home Mortgage Disclosure Act. The proposed am endm ents w ould make several technical changes in the reporting requirem ents of Regulation C; these changes are expected to have no impact on reporting burden. The proposed am endm ents w ould also clarify existing requirem ents of the regulation; these am endm ents w ould have no im pact on reporting burden. Regulation C applies to all types of financial institutions and other mortgage-lending institutions that m eet the coverage tests. U nder the Paperwork Reduction Act, however, the Board accounts for the paperw ork burden associated w ith Regulation C only for state member banks, their subsidiaries, subsidiaries of bank holding com panies, and other entities regulated by the Federal Reserve. Any estimates of paperw ork b urden for other respondents are provided by the federal agency or agencies that supervise them. The Board estimates that the effect of the am endm ents on the burden per response is negligible. The estim ated burden per response varies from 10 to Federal R eg ister/Vol. 63, No. 3 7 /W ednesday, February 25, 1 9 9 8 /Proposed Rules 10,000 hours, depending on individual circum stances, w ith estim ated averages of 202 hours for state m em ber banks and 160 hours for mortgage banking subsidiaries. The Board expects to receive HMDA— LARs covering 1997 data from 515 state member banks and 106 mortgage banking subsidiaries. Therefore, the total hour b urden for institutions the Federal Reserve supervises is 120,990. Since asset data for December 31, 1997 is not yet available, the Board cannot yet estimate the num ber of respondents w ho will subm it 1998 data or the total annual b urden for 1998. B. OMB Control Number U nder the Paperw ork R eduction Act, an agency may n ot conduct or sponsor, and an organization is not required to respond to, a collection of inform ation unless it displays a currently valid OMB control num ber. The OMB control num bers applicable to the HMDA-LAR data collection are as follows: Office of the Comptroller of the Currency, 15570159 (approval expires September 30, 1998); Federal Deposit Insurance Corporation, 3064-0046 (approval expires July 31, 2000); Office of Thrift Supervision, 1550-0021 (approval expires December 31, 1999); and Federal Reserve System, 7100-0247 (approval expires May 31, 2000). OMB control num bers and expiration dates for the National Credit U nion A dm inistration and the D epartm ent of Housing and Urban Development are pending. List o f Subjects in 12 CFR Part 203 Banks, Banking, Consum er protection, Federal Reserve System, Mortgages, Reporting and recordkeeping requirements. Text o f Proposed R evisions Certain conventions have been used to highlight the proposed changes to Regulation C. New language is show n inside bold-faced arrows, w hile language that w ould be rem oved is set off w ith brackets. Pursuant to the authority granted in section 305(a) of the Home Mortgage Disclosure Act, 12 U.S.C. 2804(a), and for the reasons set forth in the preamble, the Board proposes to am end 12 CFR part 203 as set forth below: PART 203— HOME MORTGAGE DISCLOSURE (REGULATION C) 1. The authority citation for part 203 continues to read as follows: §203.1 Authority, purpose, and scope. (a) A uthority. * * * The informationcollection requirem ents have been approved by the U.S. Office of M anagement and Budget u nder 44 U.S.C. 3501 et seq. and have been assigned OMB [No.] ►N u m b e r s 15570159, 3064-0046, 1550-0021,-^ and 7100-024 ? ► for institutions reporting data to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the Federal Reserve System, respectively; num bers for the National Credit Union A dm inistration and the D epartment of Housing and Urban Development are pending-^. 3. § 203.3 w ould be am ended as follows: a. Paragraphs (a)(1) introductory text and (a)(2) introductory text are republished; b. Paragraph (a)(l)(ii) w ould be revised; and c. Paragraph (a)(2)(ii) w ould be revised. The proposed revisions read as follows: §2 0 3.3 Exem pt institutions. (a) E xem ption based on location, asset size, or num ber o f h om e purchase loans. (1) A bank, savings association, or credit union is exem pt from the requirements of this regulation for a given calendar year if on the preceding December 31: (i) * * * (ii) The institution’s total assets were at or below the asset threshold established by the Board. For data collection in ^1998*^, the asset threshold is [$28]>*-$29-^ m illion as of December 31, [1 9 9 6 ]^ 1 9 9 7 -< * * * (2) A for-profit mortgage lending institution (other than a bank, savings association, or credit union) is exem pt from the requirem ents of this regulation for a given calendar year if: to 10,000 hours per response, w ith an average of 202 hours per response for state member banks and 160 hours per response for mortgage banking subsidiaries, including time to gather and m aintain the data needed and to review instructions and com plete the inform ation collection.] This report is required by law (12 USC 2801-2810 and 12 CFR 203). A n agency m ay n o t conduct or sponsor, and an organization is not required to respond to, a collection of inform ation unless it displays a currently valid OMB Control Number. The OMB Control [number] ►N u m b e r s - ^ for this inform ation collection [is] ► a r e 1557-0159, 3064-0046, 1550-0021, a n d -^ 7100-0247 ► for institutions reporting data to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the Federal Reserve System, respectively; num bers for the National Credit U nion A dm inistration and the Departm ent of Housing and Urban Developm ent are pending-^. Send comments regarding this b urden estim ate or any other aspect of this collection of information, including suggestions for reducing the burden, to [Secretary, Board of Governors of the Federal Reserve System, W ashington, D.C. 20551;] ► t h e respective agencies-^ and to the Office of Information and Regulatory Affairs, Office of M anagement and Budget, W ashington, D.C. 20503. A ppendix A to Part 203— [Amended] 5. A ppendix A to Part 203 w ould be am ended as follows: a. Paragraph I.A.2. w ould be revised; b. The first sentence of Paragraph V.A.2. and paragraph V.A.3. w ould be revised; c. Paragraph V.B.3. introductory text w ould be revised; and d. Paragraph V.E.l. introductory text is republished and paragraph V .E.l. 4. w ould be revised. The proposed revisions read as follows: I. Who Must File a Report ii!) A. Depository institutions (ii) The institution’s total assets ^ * * * com bined w ith those of any parent 2. For data collection in [1 9 9 7 ]^1 9 9 8 -^ , corporation were $10 m illion or less on the asset threshold is [$ 2 8 ]^ $ 2 9 -^ m illion the preceding December 31, and the in total assets as of December 31, institution originated fewer than 100 [1 9 9 6 ]^ 1 9 9 7 -< home purchase loans ►( i n c lu d in g refinancings of hom e purchase lo a n s ) ^ V. Instructions for Completion of Loan/ in the preceding calendar year. 4. In appendix A to part 203 u nder the Application Register heading PAPERWORK REDUCTION A. Application or Loan Information ACT NOTICE, the undesignated ^ * * * paragraph w ould be revised to read as 2. Date application received. Enter the date follows: the loan application was received by your A ppendix A to Part 203—Form and Instructions for Com pletion o f HMDA Loan/A pplication Register institution by m onth, day, and year, using num erals in the form M M /D D /lM X -^Y Y (for example, 0 1 /1 5 /[9 2 ]^ 1 9 9 9 -^). * * * Paperwork Reduction Act Notice 3. Type. Indicate the type of loan or application by entering the applicable code from the following: [Public reporting burden for collection of this inform ation is estim ated to vary from 10 1—Conventional (any loan other than FHA, VA [or FmHA] ► , FSA, or R H S-* loans) Authority: 12 U.S.C. 2801-2810. 2. § 203.1 w ould be am ended by revising the last sentence of paragraph (a) to read as follows: 9455 9456 Federal R eg ister/Vol. 63, No. 3 7 /Wednesday, February 25, 1998/Proposed Rules 2—FHA-insured (Federal H ousing Adm inistration) 3—VA-guaranteed (Veterans Administration) 4— [FmHA-insured (Farmers Home Administration)] ►F S A /R H S -g u aran teed (Farm Service Agency or Rural Housing Service)"^ * * * * * B. A ction Taken * * * * * 3. Date o f action. Enter the date by month, day, and year, using num erals in the form M M/DD/^-CC-^YY (for exam ple, 02/22/  ^ 1999-^). * * * * * E. Type o f Purchaser 1. Enter the applicable code to indicate w hether a loan th at your institution originated or purchased was then sold to a secondary market entity w ithin the same calendar year: * * * * * 4— [FmHA (Farmers Home Administration)]FAMC (Federal Agricultural Mortgage Corporation) * * * * * 6. In A ppendix A, the LOAN/ APPLICATION REGISTER Transm ittal Sheet w ould be revised to read as follows: B IL L IN G C O D E 6 2 1 0 - 0 1 - P Federal R eg ister/Vol. 63, No. 3 7 /W ednesday, February 25, 1998/Proposed Rules LOAN/APPLICATION REGISTER Form FR HMDA-LAR. OMB [No.] »Nos. 1557-0159 (OCC), 3064-0046 (FDIC), 1550-0021 (OTS), and* 7100-0247 ►(FRB); NCUA and HUD numbers pending*. [Approval expires May 31, 2000.] TRANSMITTAL SHEET You must complete this transmittal sheet (please type or print) and attach it to the Loan/Application Register, required by the Home Mortgage Disclosure Act, that you submit to your supervisory agency. Reporter's Identification Number Agency Code I_I_I_I_I_I_I_I_I_I_I - L I Total line entries contained in attached Loan/Application Register Reporter's Tax Identification N umber l_ U - U _ I_ I_ L _ U _ I _______________ The Loan/Application Register that is attached covers activity during the y e a r _____ and contains a total of pages. Enter the name and address of your institution. The disclosure statement that is produced by the Federal Financial Institutions Examination Council will be mailed to the address you supply below: Name of Institution Address City, State, ZIP Enter the name, telephone number, and facsimile number of a person who may be contacted about questions regarding your register: ____________________________ Name ( _ _ ) _________________________ Telephone Number (___ )_______________________ Facsimile Number [(if applicable)] [If your institution is a subsidiary of another institution or corporation, enter the name of your parent: Name Address City, State, Z ip] An officer of your institution must complete the following section. I certify to the accuracy of the data contained in this register. Name o f Officer Signature 7. In A ppendix A, the LOAN/APPLICATION REGISTER w ould be revised to read as follows: Date 9457 9458 BILLING CODE P age_of_ _ Name ol Reporting institution Form FR H M D A -L A R All columns (except Reasons for Denial) must be completed for each entry. S ee the instructions for details. l Application or Loan Information Action Taken Date Application Received (mm/dd/ccyy) Application or Loan Number E x a m p le o f Loan o f | | A p p lic a tio n 1 I I I - i ____I ____L . Property Location Race or National Origi Type Date (mnVdd/ccyy) FourDigit MSA Number TwoDigit State Code 1.... J ___ I Applicant Information A a Applicant CA = Co-Applicant ThreeDigit County Code Gross Annual Sex T yped Pur chaser olLoan A CA A CA in thou sands 3 8, 1 4 24 4 2 1 55 0 Reasons lor Denial (Optional) 7 5 Six-Digit Census Tract | | | | | | | | | | 1 1 1 i 1 1 1 | | 0 1 /1 5 /1 9 9 9 2 1 1 65 1 0 2 /2 2 /1 9 9 9 8640 51 059 0 3 /2 0 /1 9 9 9 1 1 1 125 3 0 4 /3 0 /1 9 9 9 0450 01 015 i i l i A i l u j i i . 5 D e n ie d 0 | 1 | 2 , 3 | 4 | 5 | 6 | 7 , 8 | 9 | - | 9 | 8 17 | 6 | 5 , 4 | 3 | 2 | 1 | 0 | 1 Owne Pur Occu Type pose pancy Loan amount in thou sands I O r ig in a te d L | B | - | « | 6 | 7 | 4 | 3 | S ] E x a m p le Agency Code Reporter's Identification Number City. Stale, ZiP 1 1 1 1 1 1 1 1 j | | 1 1 1 1 1 1 0 1 0 |2 | 1 | . |0,0 1 1.1..: A... 1. 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In A ppendix A, the LOAN/ APPLICATION REGISTER CODE SHEET w ould be revised to read as follows: Loan/Application Register Code Sheet Use the following codes to complete the Loan/A pplication Register. The instructions to the HMDA-LAR explain the proper use of each code. Application or Loan Information Type: 1—Conventional (any loan other than FHA.VA or FmHA loans) 2— FHA-insured (Federal Housing — A dm inistration) 3—VA-guaranteed (Veterans Adm inistration) 4— [FmHA-insured (Farmers Home Administration)] ►F S A /R H S -g u aran teed (Farm Service Agency or Rural Housing Service)-^ Purpose: 1—Home purchase (one-to-four family) 2—Home im provem ent (one-to-four family) 3—Refinancing (home purchase or home im provem ent, one-to-four family) 4—M ultifamily dw elling (home purchase, home im provem ent, and refinancings) O wner-Occupancy: 1—O wner-occupied as a principal dwelling 2—Not ow ner-occupied 3—Not applicable Action Taken: 1—Loan originated 2—A pplication approved but not accepted 3—A pplication denied by financial institution 4—A pplication w ithdraw n by applicant 5—File closed for incom pleteness 6—Loan purchased by your institution Applicant Information Race or National Origin: 1—A m erican Indian or A laskan Native 2—A sian or Pacific Islander 3—Black 4—Hispanic 5—W hite 6—Other 7—Information not provided by applicant in mail or telephone application 8—Not applicable Sex: 1—Male 2—Female 3—Information not provided by applicant in m ail or telephone application 4—Not applicable Type of Purchaser 0—Loan was n ot originated or w as not sold in calendar year covered by register 1—FNMA (Federal National Mortgage Association) 2—GNMA (Government N ational Mortgage Association) 3—FHLMC (Federal Home Loan Mortgage Corporation) 4— [FmHA (Farmers Home Administration)] FAMC ► ( F e d e r a l Agricultural Mortgage C orporation)-^ 5—Commercial bank 6—Savings bank or savings association 7—Life insurance com pany 8—Affiliate institution 9—Other type of purchaser Reasons for Denial (Optional) 1—Debt-to-income ratio 2—Em ploym ent history 3—Credit history 4—Collateral 5—Insufficient cash (dow npaym ent, closing costs) 6—U nverifiable inform ation 7—Credit application incom plete 8—Mortgage insurance denied 9—Other By order of the Board of Governors of the Federal Reserve System, February 18, 1998. William W. Wiles, Secretary of the Board. [FR Doc. 98-4609 Filed 2-24-98; 8:45 am] B IL L IN G C O D E 6 2 1 0 - 0 1 - P 9459