Full text of District Notices (Federal Reserve Bank of Dallas) : Revised Regulation C (Home Mortgage Disclosure), Circular No. 88-59

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Federal R eserve Bank
OF DALLAS
W IL L IA M

H. WALLACE

FIRST V IC E P R ES ID EN T
AND C H IE F O PER ATING O FFIC ER

September 1, 1988

DALLAS, TEXAS 75222

C i r c u l a r 88-59

TO:

The Chief Executive O f f i c e r o f a l l
member banks and o t h e r s concerned in
the Eleventh Federal Reserve D i s t r i c t

SUBJECT
Revised Regulation C (Home Mortgage Disclosure)
DETAILS
The Federal Reserve Board has made s ev e ra l major r e v i s i o n s t o i t s
Regulation C, which implements t h e Home Mortgage D i s cl o s u re Act and r e q u i r e s
f i n a n c i a l i n s t i t u t i o n s t h a t have over $10 m i l l i o n in a s s e t s , and have o f f i c e s
in m e tr o p o li ta n s t a t i s t i c a l a re as (MSAs) or primary m et ro p o l i t a n s t a t i s t i c a l
ar eas (PSMAs), to d i s c l o s e an nu al l y t h e i r o r i g i n a t i o n s and purchases of
mortgage and home improvement l o a n s . The changes are e f f e c t i v e September
19, 1988.
The re v i s e d r e g u l a t i o n i n c o r p o r a t e s r e c e n t amendments to the Home
Mortgage D is cl o su re Act t h a t were co n t ai n ed in t he Housing and Community
Development Act of 1987. These s t a t u t o r y amendments e l i m i n a t e t h e " su n s et "
p r o v is io n s in the a c t and permanently extend i t .
In a d d i t i o n , t h e a c t ' s
coverage has been broadened to i n cl u d e mortgage banking s u b s i d i a r i e s o f bank
and s avings and loan holding companies, and s av in g s and loan s e r v i c e
c o r p o r a ti o n s t h a t o r i g i n a t e or purchase mortgage l o a n s . Other r e g u l a t o r y
r e v i s i o n s made by the Board stem from a review made in accordance with t h e
Boar d's Regulatory Improvement Program, which c a l l s f o r p e r i o d i c review of
each of the B oard' s r e g u l a t i o n s t o determi ne whether t h e r e g u l a t i o n can be
simplified.
The HMDA-1 form, which i s used by banks, s av in gs and l o a n s , and o t h e r
i n s t i t u t i o n s f o r r e p o r t i n g loan d a t a , remains e s s e n t i a l l y unchanged. The
Board has adopted a s e p a r a t e form HMDA-2 f o r use by mortgage banking
s u b s i d i a r i e s of holding companies and newly covered s e r v i c e c o r p o r a t i o n s ,
because th e se i n s t i t u t i o n s a re r e q u i r e d t o excl ude FHA loans from t h e i r
reports.

For additional copies of any circular please c ontact the Public A ffairs D ep artm en t at (214) 6 51 -6 2 8 9 . Banks and others are
encouraged to use the follow ing incom ing W A TS numbers in contacting this Bank (800) 4 4 2 -7 1 4 0 (intrastate) and (800)
5 2 7 -9 2 0 0 (interstate).

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

- 2 -

ATTACHMENTS
The B oard' s pre ss r e l e a s e and t e x t o f changes are a t t a c h e d .

MORE INFORMATION
For f u r t h e r information re g a rd i n g t h i s c i r c u l a r , p l e a s e c o n t a c t Dean
A. Pankonien a t (214) 651-6228. For a d d i t i o n a l co p i es o f t h i s c i r c u l a r ,
p l e a s e c o n t a c t th e Public A f f a i r s Department a t (214) 651-6289.
S i n c e r e l y y o u rs ,

Federal Register / Vol. 53. No. 161 / Friday. August 19, 1988 / Rules and Regulations

31683

and (g) related to the reporting of mobile
and manufactured home loans will take
effect on January 1,1989. Mortgage
banking subsidiaries of bank and
savings and loan holding companies and
savings and loan service corporations
will be required to report data for
calendar year 1988 in March of 1989.
FOR FURTHER INFORMATION CONTACT:

John C. Wood. Senior Attorney, or
Thomas J. Noto or Linda Vespereny,
Staff Attorneys, Division of Consumer
and Community Affairs, Board of
Governors of the Federal Reserve
System, Washington. DC 20551, at 202
452-2412 or 202-452-3667; for the
hearing impaired only, contact
Eamestine Hill or Dorothea Thompson.
Telecommunications Device for the
Deaf, at 202-452-3544.
SUPPLEMENTARY INFORMATION:

(1) Background

FEDERAL RESERVE SYSTEM
12 CFR Part 203
[Regulation C; Docket No. R-0S35]

Home Mortgage Disclosure; Revisions
to Regulation C
AGENCY: Board of Governors of the

Federal Reserve System.
ACTION: Final rule.
SUMMARY: The Board has adopted a

revised Regulation C (Home Mortgage
Disclosure). The revised regulation
incorporates recent amendments to the
Home Mortgage Disclosure Act that
were contained in the Housing and
Community Development Act of 1987.
These statutory amendments
permanently extend the act and expand
its coverage to include mortgage
banking subsidiaries of bank and
savings and loan holding companies,
and savings and loan service
corporations that originate or purchase
mortgage loans. Other revisions stem
from a review made in accordance with
the Board’s Regulatory Improvement
Program.
The HMDA-1 form, which is used by
banks, thrifts, and other depository
institutions for reporting loan data,
remains essentially unchanged. The
Board has adopted a separate form
HMDA-2 for use by mortgage banking
subsidiaries of holding companies and
newly covered service corporations,
because these institutions are required
Io exclude FHA loans from their reports.
EFFECTIVE OATES: September 19,1988,
except that the provisions in § 203.2 (f)

The Board’s Regulation C {12 CFR Part
203) implements the Home Mortgage
Disclosure Act of 1975 (HMDA) {12
U.S.C. 2801 et seg.). It requires
depository institutions that have over
$10 million in assets, and have offices in
metropolitan statistical areas {MSAs) or
primary metropolitan statistical areas
(PMSAs), to disclose annually their
originations and purchases of mortgage
and home improvement loans. Data
must be itemized by census tract (or by
county, in some instances) and also by
type of loan. A statement covering the
data on a calendar year basis must be
made available to the public and
reported to the institution’s federal
supervisory agency by March 31
following the calendar year for which
the data are compiled.
When originally passed in 1975,
HMDA contained a "sunset" provision
under which the act was to expire in
1980. A number of temporary extensions
were enacted and, in the Housing and
Community Development Act of 1987
(Pub. L. 100-242, section 565,101 Stat.
1815,1945), the Congress permanently
extended HMDA by striking the sunset
provision from the act. The statutory
amendments were signed into law on
February 5.1988. In addition to the
permanent extension, these
amendments expanded the coverage of
HMDA to include mortgage banking
subsidiaries of bank holding companies
and savings and loan holding
companies, as well as savings and loan
service corporations.
On May 13.1988, the Board published
for public comment an amended
Regulation C to implement these and
other changes (53 FR 17081). With some
changes that are identified in the

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Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations

sections that foliow, the Board is now
adopting the revised regulation in final
form.
(2) Regulatory Review

(4) Section-by-Section Summary
The changes made to each section of
the revised regulation are discussed
below.

The Board's Regulatory Improvement
Program calls for periodic review of
each of the Board's regulations to
determine whether the regulation can be
simplified. The Board conducted such a
review of Regulation C and made a
number of changes. The text of the
regulation w as revised to improve its
clarity. Obsolete provisions were
deleted, footnotes eliminated, and a
detailed appendix regarding state
exemptions replaced by a brief
reference in the regulation. In addition,
the instructions to the reporting forms
were significantly reworked and should
be easier to follow.

Section 203.1 Authority, purpose, and
scope.
A reference has been added in
§ 203.1(a) to reflect the approval of
information collection requirements
under the Paperwork Reduction Act. A
reference to HMDA has been added to
the purpose statement in § 203.1(b). Now
that the term "depository institution'’ is
no longer used in the regulation
(eliminating the possibility of
confusion), the term "depositories” has
replaced the term "repositories" in
§ 203.1(d), referring to the facilities
where data is available in each MSA.

(3) Availability of Aggregated Data
As required by the Home Mortgage
Disclosure Act, the Federal Financial
Institutions Examination Council (with
support from the Federal Reserve Board
and the other financial regulators)
aggregates loan data received from all
reporting institutions in each MSA. The
Examination Council also produces
tables for each MSA showing lending
patterns according to demographic
characteristics such as income level and
age of housing stock. These tables,
together with data on the individual
institutions, are sent to central data
depositories in each MSA. The act
specifies that the aggregated data and
related tables shall be available no later
than December 31 following the
calendar year to which they relate.
Typically, the Examination Council has
released these reports by late November
or early December.
The conference report accompanying
the HMDA amendments indicates
Congressional interest in having the
HMDA data available at the central
data depositories earlier than is now the
case. Member agencies of the
Examination Council are implementing
changes to data processing procedures
in order to facilitate the earlier
availability of the data. The Board
believes that the revision of Regulation
C, together with the expanded
instructions for reporting, will serve this
purpose by enhancing compliance and
by reducing errors that require editing
following data submission.
Several commenters on the proposal
suggested ways in which the aggregation
and presentation of aggregated data
might be improved. Since the
aggregation process is not governed by
Regulation C, these suggestions will be
brought to the attention of the
Examination Council.

Section 203.2 D efinitions.
Section 203.2 contains definitions of
terms used in the regulation, and has
been revised as follows.
A ct. The definition of “act” in
§ 203.2(a) has been updated.
Branch office. W hat qualifies as a
branch office has several consequences
for an institution. First, institutions that
do not have a home or branch office in
an MSA or PMSA are exempt from
HMDA. Second. HMDA data must be
itemized by census tract for loans on
property located in any MSA or PMSA
in which the institution has a home or
branch office. For loans on property
located in other MSAs or PMSAs (or not
located in an MSA or PMSA at all), the
data are reported as an aggregate sum
without geographic itemization. Third,
the data must be made available to the
public a t one branch office (or home
office) in each MSA or PMSA where the
institution has home or branch offices.
Finally, the institution must post notices
in all branch offices located in MSAs or
PMSAs to inform the public of the
availability of the HMDA data.
The revised definition set forth in
§ 203.2(b) takes account of the
difference between the branch office
structure of the newly covered mortgage
banking firms and that of depository
institutions such as banks and thrift
institutions. While depository
institutions must obtain approval from
federal or state regulatory agencies to
establish branch offices, mortgage
banking firms generally are not required
to obtain such approval.
Accordingly, the definition of branch
office differs for the two classes of
institutions. The definition in revised
§ 203.2(b)(l)(i) applies to banks, thrifts,
and other depository institutions; it is
the same as in the current regulation
and is based on the approval process.

For other covered institutions, the
Board defines “branch office” in
5 203.2(b)(l)(ii) as an office of the
institution that takes applications from
the public for home purchase or home
improvement loans. In response to
comments, the words “of the institution”
were added to make clear that branch
offices include only facilities of the
institution itself, not offices of affiliates
or other third parties. This branch office
definition will apply to mortgage
banking subsidiaries of holding
companies and saving and loan service
corporations (except for those that are
majority owned by a single thrift
Institution).
The definition of the term “financial
institution" in the May proposal would
have resulted in the application of the
new branch office definition to majorityowned subsidiaries of depository
institutions. As discussed below, the
final rule does not incorporate that
change. Accordingly, majority-owned
subsidiaries of depository institutions
(including majority-owned service
corporations) will continue to be
governed by the current rule, which
focuses on the branch locations of the
parent institution.
Federally related mortgage loan.
Banks and other depository institutions
are subject to HMDA only if they make
"federally related mortgage loans.” The
definition of that term, currently in
footnote 1, has been restated more
concisely and incorporated in the text of
the regulation as § 203.2(d).
Financial institution. Section 203.2(e)
defines the institutions covered by the
regulation; the term “financial
institution" replaces the term
"depository institution.” This change is
designed to avoid the confusion that
might arise from the fact that, in
ordinary usage, the term depository
institution signifies institutions such as
banks and thrifts, not mortgage banking
firms and other institutions that do not
take deposits. The new definition
encompasses both the traditional
depository institutions and the new
class of covered institutions: Savings
and loan service corporations and
mortgage banking subsidiaries of bank
holding companies and savings and loan
holding companies.
As noted above, depository
institutions are subject to HMDA only if
they make federally related mortgage
loans. The statutory amendments do not
condition coverage of the newly covered
institutions on the making of federally
related mortgage loans. The regulatory
definition of “financial institution”
parallels the statute.

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations
A number of commenters asked the
Board to clarify the term “mortgage
banking subsidiary." Many expressed
concern that, without further
elaboration, the term might be construed
to cover consumer finance subsidiaries
of holding companies. The Board
believes that the use of the qualifying
term "mortgage banking" in the
statutory amendments suggests that the
Congress did not intend to expand
coverage to institutions that make only a
limited number of mortgage loans.
Section 203.2(e){l)(ii) of the final
regulation defines a mortgage banking
subsidiary as an institution that makes
home purchase loans in an amount
greater than 10% of its total loan volume,
measured in dollars. This cutoff is
intended to ensure that any holding
company subsidiary whose line of
business is other than mortgage banking,
but that makes a small number of home
purchase loans, will not be required to
report.
The May proposal treated majorityowned subsidiaries of depository
institutions as financial institutions in
their own right. Consequently, these
institutions would have been considered
to have branch offices in any MSA
where they have offices for taking loan
applications from the public. A number
of commenters opposed this requirement
because of the significant increase in the
reporting burden for subsidiaries that
have offices in MSAs other than the
MSAs in which the parent institution
has branches. Moreover, a regulatory
agency expressed concern that some of
the data presently reported by these
subsidiaries would no longer be
reported in itemized form. Upon farther
analysis, the Board has decided to retain
the current rule which treats majorityowned subsidiaries as part of the parent
institution.
A parallel issue arises regarding the
treatment of savings and loan service
corporations. Although the statutory
amendments brought savings and loan
service corporations specifically within
the coverage of HMDA. service
corporations that are majority-owned
subsidiaries of thrift institutions already
were covered by Regulation C. Because
of the statute’s specific reference to
service corporations, however, the
Board considered whether a majorityowned savings and loan service
corporation should continue to be
treated as the subsidiary of its parent
institution or characterized as a
"savings and loan service corporation"
under the new definition in the
regulation.
If treated as a majority-owned
subsidiary the service corporation

would continue to report, as it does now,
on a consolidated basis with its parent;
its data would be itemized for MSAs
where its parent has offices, and would
include FHA lending. If the institution
were treated as a "savings and loan
service corporation,” however,
significanUy different rules would apply.
The institution would itemize data only
for MSAs where it has offices for taking
loan applications, rather than where its
parent has branch offices, and it would
be required to exclude FHA loans from
its reports.
The Board believes that the intent of
the Congress in enacting the statutory
amendments was to extend HMDA
coverage to institutions that aTe not
already covered. Until now, only those
service corporations that are majorityowned subsidiaries of thrifts have been
reporting (in conjunction with their
parent). Other service corporations were
not subject to the regulation (for
example, a corporation established by
multiple thrifts, none holding a majority
interest). The Board believes that die
amendments were intended to apply to
these latter institutions. Accordingly,
under | 203.2(e)(l)(iii) and (e)(2) in the
revised definition of “financial
institution.” majority-owned savings
and loan service corporations are
deemed to be part of their parent
institution.
The Board also has proposed to
amend the definition of financial
institution to cover industrial banks,
which in recent years have taken on
many of the characteristics of
commercial and savings banks. Based
on the comments and further analysis,
the Board has decided not to include
industrial banks within the definition of
financial institution.
Home im provem ent and hom e
purchase k>ans. The definitions of
“home improvement loan” and “home
purchase loan” are set forth in § 203.2(f)
and (g).
The definition of "home improvement
loan." though revised for clarity, is
substantively unchanged. The revised
definition omits the reference to
refinancings found in the current
regulation because home improvement
loans are generally not refinanced, the
provision (footnotes 2 and 3 in the
current regulation) permitting any firstlien loan to be reported as a home
purchase loan now appears in the
instructions rather than the regulatory
text.
The definition of home purchase loan
currently is limited to loans for the
purchase of "residential real property.”
In contrast, a home improvement loan is
defined in terms of "residential

31685

dwelling." and may include residential
structures such as mobile homes that are
not classified as real property in some
states. In publishing the proposed
regulation, the Board requested
comment on whether dwelling units
such as mobile or manufactured homes
should specifically be covered under the
home improvement or the home
purchase loan definition, or both.
Although some commenters preferred
that they be excluded, a majority
believed that it w as appropriate for
loans on such property to be disclosed,
given that they are an important source
of housing in some areas. Accordingly,
the definitions of home purchase and
home improvement loans specifically
include mobile and manufactured
homes, whether or not these dwellings
are considered real property under state
law. This provision becomes effective
on January 1,1989, and therefore will
not require a change in the reporting of
loan data for 1988.
Several commenters requested that
the disclosure requirements for home
equity lines be clarified. The
instructions to the reporting forms,
contained in Appendix A, specify that
the data for home improvement loans
may include that portion of a home
equity line of credit which the borrower
indicates, when the line is established,
will be used for home improvement
purposes.
Commenters also requested
clarification on the treatment of
assumptions. The Board believes that if
an institution expressly agrees in writing
with a new party to accept that party as
the obligor on an existing home
purchase loan, the transaction should be
treated as a new home purchase loan.
But if a new party takes over an existing
obligation without a written agreement,
the loan is not reportable under HMDA.
Section 203.3 Exem pt institutions.
Section 203.3 excludes from the
coverage of the regulation small
institutions, institutions without offices
in MSAs, and institutions that are
subject to a similar state law and have
been granted an exemption from the
federal law.
The provisions of this section have
been reorganized and the language
clarified: the substantive rules remain
unchanged. Material relating to state
law exemptions has been grouped
together in § 203.3(b). A new
§ 203.3(b)(2) has been added to indicate
that a state or a financial institution
may apply to the Board for an
exemption from the regulation based on
the existence of a similar state
disclosure law. This reference replaces

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Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations

the detailed discussion in current
Appendix B (which the Board has
deleted] about the filing of applications
for state exemptions.
The Board has received questions
about how data should be reported in
cases where a merger of two or more
financial institutions occurs. In some
cases, the merger of two institutions that
previously were both exempt, because
of their asset size, may produce a
successor institution whose assets
exceed the $10 million cutoff. In other
cases, a covered institution may merge
with one that w as previously exempt
because of asset size or location outside
an MSA.
In the case of two exempt institutions,
the successor institution that becomes
subject to HMDA will be required to
disclose loan data for the calendar year
following the year in which the merger
took place.
If two institutions merge and only one
of them w as previously covered, the
successor institution is required to
report loan data, for the covered
instituton, for the calendar year in
which the merger took place. That report
may, but need not, also include loan
data for the previously exempt
institution. Beginning with the following
calendar year, the institution will file a
consolidated report that includes all
loan data.
A similar reporting question arises
when the institutions that merge are
both covered institutions. If two covered
institutions merge, the successor
institution may file a consolidated report
for the calendar year in which they
merge, but has the option of filing
separate reports for that year. Beginning
.with the following calendar year, the
institution will file a consolidated report
that includes all loan data.
Section 203.4 Compilation o f loan data.
Section 203.4 sets forth the
requirements for itemization of loan
data by census tract or county and by
type of loan, and is the basis for the
detailed instructions that accompany
the reporting forms contained in the
revised Appendix A. Substantive
changes are noted below. Revised
§ 203.4(a) incorporates material from
current S 203.4(a) and (b). Section
S 203.(4)(b) has been restructured for
readability, and also incorporates the
rules on MSAs and census tracts
presently found in § 203.4(d).
With regard to census tracts, the
revised regulation refers to “the most
recent census tract series” issued by the
Census Bureau. The most recent series
is currently the 1980 series. Use of the
1980 series is necessary because 1980
census data is used by the Federal

Financial Institutions Examination
Council in preparing tables illustrating
lending patterns in each MSA.
Section 203.4(c) lists types of loans to
be excluded from the disclosures. The
six listed in paragraph (c)(1) apply both
to depository institutions and to the
newly covered institutions. The
exclusions for loans made in a fiduciary
capacity, loans on unimproved land, and
certain refinancings are drawn from
current § 203.4(c). The final rule
specifies that a refinancing between the
original parties should not be reported if
the only increase in the principal results
from closing costs or unpaid finance
charges that are being financed.
Two of the remaining three exclusions
(temporary financing and the purchase
of an interest in a pool of loans) were
moved into revised § 203.4 from the
definition of “home purchase loan” in
current 5 203.2(f).
The sixth exclusion relates to loan
servicing rights. The purchase of
servicing rights in secondary market
transactions is a practice common
among mortgage bankers. When loans
are sold, for example, the buyer may
issue securities backed by a pool of
loans that it has acquired. The right to
service the loans, however, may be
retained by the seller/originator of the
mortgages. These servicing rights may
later be transferred from one institution
to another for a purchase price that is
usually a small percentage (such as 1 or
2 percent) of the value of the underlying
loans.
The act and regulation require
institutions to report data on mortgage
loans that they purchase. The Board
believes that a covered institution’s
purchase of these servicing rights does
not accurately reflect the extent to
which an institution has made mortgage
credit available in a community.
Accordingly, the regulation excludes
from the reporting requirement the
purchase solely of servicing rights to
mortgage loans.
Section 203.4(c)(2) applies only to
mortgage banking subsidiaries and
savings and loan service corporations
that are not majority-owned. It excludes
from the reporting requirement loans
that are insured under Title I or II of the
National Housing Act (that is. FHAinsured home improvement and home
purchase loans), implementing new
section 304(g) of HMDA, which
expressly provides for their exclusion.
(Under section 311 of HMDA. data on
FHA-insured loans made by these types
of lenders are to be collected by the U.S.
Department of Housing and Urban
Development.) As discussed under
Appendix A, the Board has provided an
optional form HMDA-2A that may be

used by these institutions to disclose
their FHA lending activity.
Section 203.5 Disclosure and reporting.
Section 203.5 relates to making loan
data available at offices of an institution
and reporting the data to supervisory
agencies. As under the current
provisions, disclosure statements for a
given calendar year are due by the
following March 31.
This section also requires institutions
to post notices regarding the availability
of HMDA data. Posters that may be
used to meet the notice requirement are
available from federal supervisory
agencies. The revised section clarifies
that an institution may, in its notice, give
the location where disclosure
statements are available.
Section 203.6 Enforcement.
Section 203.6 sets forth rules relating
to administrative enforcement and bona
fide errors. The language and structure
of this section have been revised to
clarify its provisions.
A ppendix A

Forms and instructions.

Appendix A of the current regulation,
which lists supervisory agencies, is
designated Appendix B in the revised
regulation; and the current Appendix C,
containing the mortgage disclosure
forms, is now Appendix A.
The revised Appendix A contains two
reporting forms and accompanying
instructions, plus an optional form.
Institutions must use the prescribed
format of the HMDA-1 or HMDA-2
form, as appropriate, but are not
required to use the form itself. An
institution may, for example, choose to
produce a computer printout of its
disclosure statement instead.
The HMDA-1 reporting form
continues to be the prescribed form for
use by commercial banks, savings
banks, savings and loan associations,
building and loan associations,
homestead associations (including
cooperative banks), and credit unions.
The instructions for completing the form
have been expanded significantly to
facilitate compliance; the form itself is
unchanged except for minor revisions.
Column headings have been changed to
read “total dollar amount” instead of
"principal amount," but the data to be
reported in these columns remain the
same. Accordingly, institutions will not
have to make changes in their data
processing procedures for compiling the
data. A signature line has been added,
calling for an officer of the reporting
institution to certify to the accuracy of
the report.

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations
A new form HMDA-2 and
accompanying instructions have been
added for use by savings and loan
service corporations and mortgage
banking subsidiaries of bank holding
companies and savings and loan holding
companies, which will not report FHA
loans. The provision of a new form is
intended to minimize confusion for
reporting institutions. The Board has
provided an optional form, HMDA-2A,
that may be used by institutions that
wish to maintain a public record of their
FHA lending activity. Use of the form is
optional; the form will not be submitted
to supervisory agencies, but could be
made available to the public (along with
the required HMDA data) at the
institution’s own offices.
Notice of the changes to the HMDA-1
reporting form and of the Board’s
adoption of a new HMDA-2 and
HMDA-2A is being published elsewhere
in this issue of the Federal Register, to
comply with the requirements of the
Paperwork Reduction Act.
A ppendix B Federal supervisory
agencies
Appendix B of the current regulation,
relating to applications for state
exemptions, has been deleted In its
place, a reference to the availability of
state exemptions has been added to
§ 203.3.
Current Appendix A. which lists
enforcement agencies, has been
designated Appendix B. The Board has
amended the appendix to incorporate
references specifying that mortgage
banking subsidiaries of bank holding
companies shall submit HMDA reports
to the Federal Reserve System, and that
savings and loan service corporations
and mortgage banking subsidiaries of
savings and loan holding companies
shall submit theirs to the Federal Home
Loan Bank System. These reporting
arrangements are appropriate in view of
the Federal Reserve’s general
supervisory responsibility for non-bank
subsidiaries of bank holding companies,
and the Federal Home Loan Bank
System's parallel responsibility for
savings and loan service corporations
and mortgage banking subsidiaries of
savings and loan holding companies.
(5) E ffective dates. Mortgage banking
subsidiaries of holding companies, and
savings and loan service corporations
that are not majority-owned by any one
thrift institution, will be required to
report data on loan originations and
purchases for calendar year 1988. Their
first report will be due on March 31,
1989. A number of commenters asked
that these institutions not be required to
report data for 1988. However, because
the statutory amendments specify the

effective data for coverage, the Board is
unable to delay the reporting
requirements.
Changes related to reporting of mobile
and manufactured home loans, whether
or not these dwellings are characterized
as realty under state law, will take
effect on January 1,1989 (to be reported
on statements filed in March of 1990).
(6) Economic impact statement. The
Board’s Division of Research and
Statistics has prepared an economic
impact statement on the revisions to
Regulation C. A copy of the analysis
may be obtained from Publications
Services. Board of Governors of the
Federal Reserve System, Washington,
DC 20551, at 202-452-3245.
List of Subjects in 12 CFR Part 203
Banks, Banking, Consumer protection.
Federal Reserve System, Home
mortgage disclosure. Mortgages,
Reporting and recordkeeping
requirements.
For the reasons set out in this notice
and pursuant to the Board’s authority
under section 305(a) of the Home
Mortgage Disclosure Act (12 U.S.C.
2804(a)), 12 CFR Part 203 is revised to
read as follows:
PART 203—HOME MORTGAGE
DISCLOSURE
S ec.

203.1 Authority, purpose, and scope.
20X2 Definitions.
203.3 Exempt institutions.
203.4 Compilation of loan data.
203.5 Disclosure and reporting.
203.6 Enforcement.
Appendix A Forms and instructions.
Appendix B Federal supervisory agencies.
Authority: 12 U.S.C. 2801-2810.
§ 203.1

Authority, purpose, and scope.

(a) Authority. This regulation is issued
by the Board of Governors of the
Federal Reserve System ("Board")
pursuant to the Home Mortgage
Disclosure Act (12 U.S.C. 2801 et seq.).
The information collection requirements
have been approved by the U.S. Office
of Management and Budget under 44
U.S.C. 3501 et seq. and have been
assigned OMB No. 7100-0090.
(b) Purpose. (1) This regulation carries
cut the purposes of the Home Mortgage
Disclosure Act. which is intended to
provide the public with loan data that
can be used:
(i) To help determine whether
financial institutions are serving the
housing needs of their communities; and
(ii) To assist public officials in
distributing public sector investments so
as to attract private investment to areas
where it is needed.

31887

(2) Neither the act nor this regulation
is intended to encourage unsound
lending practices or the allocation of
credit.
(c) Scope. This regulation applies to
financial institutions, as defined in
§ 203.2(e), and requires them to disclose
loan data at their home and certain
branch offices and to report the data to
supervisory agencies.
(d) Central data depositories. Loan
data are available to the public at
central data depositories located in each
metropolitan statistical area. The
Federal Financial Institutions
Examination Council aggregates loan
data for all institutions in each
metropolitan statistical area, showing
lending patterns by location, age of
housing stock, income level, and racial
characteristics. A listing of central data
depositories can be obtained from the
U.S. Department of Housing and Urban
Development, Washington, DC 20410, or
from any of the agencies listed in
Appendix B.
§ 203.2

Definitions.

In this regulation:
(a) A c t means the Home Mortgage
Disclosure Act (12 U.S.C. 2801 et seq.)
(b) Branch office means: (l)(i) Any
office of a financial institution that is
approved as a branch by a federal or
state supervisory agency; or
(ii) For a financial institution that is
not required to obtain approval for a
branch office, any office of the
institution that takes applications from
the public for home purchase or home
improvement loans.
(2) The term excludes free-standing
automated teller machines and other
electronic terminals.
(c) Federal Housing Adm inistration
(FHA), Farmers Home Adm inistration
(FmHA), or Veterans (V A ) loans mean
mortgage loans insured under Title II of
the National Housing Act or Title V of
the Housing Act of 1949 or guaranteed
under Chapter 37 of Title 38 of the
United States Code.
(d) Federally related mortgage loan
means any loan (other than temporary
financing such as a construction loan)
secured by a first lien on a l-to-4 family
dwelling (including a condominium, a
cooperative, or a mobile or
manufactured home):
(1) That is originated by a federally
insured or regulated institution;
(2) That is insured, guaranteed, or
supplemented by any federal agency; or
(3) That the originator intends to sell
to the Federal National Mortgage
Association, the Government National
Mortgage Association, or the Federal
Home Loan Mortgage Corporation.

31688

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations

(e) Financial institution means: (l)(i)
A commercial bank, savings bank,
savings and loan association, building
and loan association, homestead
association {including a cooperative
bank) or credit union that originates
federally related mortgage loans:
(ii) A mortgage banking subsidiary of
a savings and loan holding company, or
a mortgage banking subsidiary of a bank
holding company; however, a subsidiary
is not a “mortgage banking subsidiary”
under this section unless, in the
preceding calendar year, ten percent or
more of its loan volume, measured in
dollars, consisted of home purchase
loans; or
(iii) A savings and loan service
corporation that originates or purchases
mortgage loans, other than a savings
and loan service corporation identified
in paragraph (e)(2) of this section.
(2) A majority-owned subsidiary of a
financial institution, including a
majority-owned savings and loan
service corporation, is deemed to be
part of the parent institution for
purposes of this regulation.
(f) Home improvement loan means
any loan that: (1) Is stated by the
borrower (at the time of the loan
application) to be for the purpose of
repairing, rehabilitating, or remodeling a
residential dwelling (including a
condominium, cooperative, or mobile or
manufactured home) located in a state;
and
(2) is classified by the financial
institution as a home improvement loan.
(g) Home purchase loan means any
loan secured by and made for the
purpose of purchasing, or refinancing
the purchase of, a residential dwelling
(including a condominium, cooperative,
or mobile or manufactured home)
located in a state.
(h) Metropolitan statistical area or
MSA means a metropolitan statistical
area or a primary metropolitan
statistical area, as defined by the U.S.
Office of Management and Budget.
(i) State means any state of the United
States of America, the District of
Columbia, and the Commonwealth of
Puerto Rico.
§ 203.3

Exempt institutions.

(a) Exemption based on asset size or
location. A financial institution is
exempt from the requirements of this
regulation for a given calendar year if on
the preceding December 31:
(1) Its total assets were $10,000,000 or
less; or
(2) It had neither a home office nor a
branch office in an MSA.
(b) Exemption based on state law. (1)
A state-chartered financial institution is
exempt from the requirements of this

regulation if the Board determines that
the institution is subject to a state
disclosure law that contains
requirements substantially similar to
those imposed by this regulation and
contains adequate provisions for
enforcement.
(2) Any state, state-chartered financial
institution, or association of such
institutions may apply to the Board for
an exemption under this paragraph.
(3) An institution that is exempt under
this paragraph shall submit the data
required by the state disclosure law to
its state supervisory agency, for
purposes of aggregation.
(c) Loss of exemption. (1) An
institution losing an exemption that was
based on asset size or location under
paragraph (a) of this section shall
compile loan data in compliance with
this regulation beginning with the
calendar year following the year in
which it lost its exemption.
(2) An institution losing an exemption
that was based on state law under
paragraph (b) of this section shall
compile loan data in compliance with
this regulation beginning with the
calendar year following the year for
which it last reported loan data under
the state disclosure law.
§ 203.4 Compilation of loan data.

(a) Data to be included. A financial
institution shall compile data on the
number and total dollar amount of home
purchase and home improvement loans
originated or purchased (by the
institution and any majority-owned
subsidiary) at any time during the
calendar year, whether or not the loans
are later sold. The institution shall
compile the loan data in the format
prescribed in Appendix A of this
regulationlib) Itemization of data. A financial
institution shall present the loan data
separately for originations and
purchases, itemizing the data by census
tract or county and by type of loan, as
prescribed below. It shall use the MSA
boundaries (defined by the U.S. Office
of Management and Budget) that were in
effect on January 1 of the calendar year
for which the data are compiled, and
shall use the census tract maps from the
most recent census tract series prepared
by the U.S. Bureau of the Census.
(1) Geographic itemization.—(i)

Itemization by census tract or county.
For each MSA in which the institution
has a home or branch office, the
institution shall itemize the loan data:
(A) By the census tract in which the
property purchased or improved is
located, or
(B) By the county in which the
property purchased or improved is

located, if the property is located in an
area not assigned census tracts or in a
county with a population of 30,000 or
less.
(ii) Property located elsewhere. The
institution shall list the loan data as an
aggregate sum for loans on property
located outside an MSA, or located in
an MSA where the institution has
neither a home nor a branch office.
(2) Type-of-loan itemization. The
financial institution shall further itemize
the loan data within each geographic
unit by loan category as follows:
(i) FHA, FmHA, and VA home
purchase loans on l-to-4 family
dwellings (except as provided in
paragraph (c)(2) of this section);
(ii) Conventional home purchase loans
on l-to-4 family dwellings;
(iii) Home improvement loans on 1-to4 family dwellings;
(iv) Loans on dwellings for 5 or more
families (including both home purchase
and home improvement loans); and
(v) Loans reported in the l-to-4 family
categories that are made to nonoccupant
borrowers, except for loans on property
located outside an MSA, or located in
an MSA where the institution has
neither a home nor a branch office.
(c) Data to be excluded. (1) A
financial institution shall not report:
(1) Loans originated or purchased by
the financial institution acting in a
fiduciary capacity (such as trustee);
(ii) Loans on unimproved land;
(iii) Refinancings, between the original
parties, involving no increase in the
outstanding principal aside from closing
costs and accrued finance charges;
(iv) Temporary financing (such as
bridge or construction loans);
(v) The purchase of an interest in a
pool of mortgage loans (such as
mortgage participation certificates); or
(vi) The purchase solely of the right to
service loans.
(2) Mortgage banking subsidiaries of
holding companies and savings and loan
service corporations (as defined in
§ 203.2(e)(1)) shall not report FHA loans
insured under Title I or II of the National
Housing Act.
§ 203.5 Disclosure and reporting.
(a) Time requirements. By March 31
following the calendar year for which
the loan data are compiled, a financial
institution shall:
(1) Make a complete loan data
disclosure statement available to the
public, and continue to make it available
for five years from that date; and
(2) Send two copies of its complete
loan disclosure statement to the agency
office specified in Appendix B of this
regulation.

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations
(b) Availability to the public. (1) A
financial institution shall make a
complete loan disclosure statement
available at its home office.
(2) If it has branch offices in other
MSAs, the financial institution shall also
make a statement available in at least
one branch office in each of those
MSAs; the statement at a branch office
need only contain data relating to
property in the MSA where that branch
office is located.
(3) A financial institution shall make
its disclosure statement available for
inspection and copying during the hours
the office is normally open to the public
for business. A financial institution that
provides photocopying facilities may
impose a reasonable charge for this
service.
(c) Notice of availability. A financial
institution shall post a general notice
about the availability of its disclosure
statement in the lobbies of its home
office and any branch offices located in
an MSA. Upon request, it shall promptly
provide the location of the institution’s
offices where the disclosure statement is
available. At its option, an institution
may include the location in its notice.
§ 203.6

Enforcement

(a) Administrative enforcement. A
violation of the act or this regulation is
subject to administrative sanctions as
provided in section 305 of the act.
Compliance is enforced by the agencies
listed in Appendix B of this regulation.
(b) Bona fide errors. An error in
compiling or disclosing loan data is not
a violation of the act or this regulation if
it was unintentional and occurred
despite the maintenance of procedures
reasonably adapted to avoid such
errors.
Appendix A—Forms and Instructions
HMDA-1. "MORTGAGE LO AN
DISCLOSURE S T A TEMENT"
Public reporting burden for this collection
of information is estimated to vary from 2 to
50 hours per response, with an average of 30
hours per response, including time to gather
and maintain the data needed and to review
instructions and complete the information
collection. Send comments regarding this
burden estimate 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. Washington. DC 20551: and
to the^ffice of Information and Regulatory
Affairs, Office of Management and Budget,
Washington, DC 20503.

INSTRUCTIONS TO COMMERCIAL
BANKS. SA VINGS BANKS. SA VINGS AND
LO AN ASSO C IA TIONS. CREDIT UNIONS
AND OTHER DEPOSITORY INSTITUTIONS
A. Who M ust Use This Form
1. A commercial bank, savings bank,
savings and loan association, building and
loan association, homestead association
(including a cooperative bank) or credit union
must complete this HMDA-1 form to disclose
loan data for a given calendar year if on the
preceding December 31 the institution:
a. Had assets of more than S10 million, and
b. Had a home or a branch office in a
metropolitan statistical area (MSA) or a
primary metropolitan statistical areas
(PMSA).
Example: If on December 31,1987, your
home office was located in an MSA and your
assets exceeded S10 million, you must
compile data and complete a disclosure
statement for ail home purchase and home
inprovement loans that you originate or
purchase during calendar year 1988.
2. However, your institution need not
complete a disclosure statement—even
though it meets the tests for asset size and
location—if it makes no first-lien mortgage
loans on l-to-4 family dwellings in the
calendar year for which the data are
compiled.
3. Any majority-owned subsidiary is
deemed to be part of the parent institution.
Consequently, you should consolidate into
your disclosure statement loan data relating
to originations and purchases by all of your
institution’s majority-owned subsidiaries
(including a majority-owned service
corporation, in the case of a savings and loan
association). To comply with the
requirements described under section G
(Geographic Itemization) below, itemize loan
data for MSAs or PMSAs where the parent
institution has a home or branch offices.
Example: If you have a home and branch
offices in New York City, and your
subsidiary’s loan offices are in Philadelphia,
itemize data by census tract (or county) only
for the New York PMSA. Report loan data on
loans relating to property located anywhere
outside the New York PMSA (including loans
in Philadelphia) as an aggregate sum in
section 2 (Loans on property not located in
MSAs/PMSAs where institution has home or
branch offices).
B. Who M ust Use Other Forms
1. Mortgage banking subsidiaries of bank
holding companies, mortgage banking
subsidiaries of savings and loan holding
companies, and savings and loan service
corporations that originate or purchase
mortgage loans (other than service
corporations that are majority-owned by a
single savings and loan association) must use
the HMDA-2 form instead of the HMDA-1.
2. Institutions that have been exempted by
the Federal Reserve Board from complying
with federal law because they are covered by
a similar state law on mortgage loan
disclosures must use the disclosure form
required by their state law.
C. Format
1. You must use the format of the HMDA-1
form, but you are not required to use the form

31689

itself. For example, you may produce a
computer printout of your disclosure
statement instead. But you must give all the
identifying information asked for at the top of
the form, use the prescribed column headings,
provide the signature of a certifying officer,
etc.
2. If your report on loan originations or
purchases consists of more than one page,
number the pages and include the name of
your institution and the MSA number at the
top of each page. Enter the totals for the MSA
on the final page; do not give subtotals on
earlier pages. Report the section 2 data
(Loans or property not located in MSAs/
PMSAs) on the final page. If your report
contains itemized data for more than one
MSA, report the section 2 data only once for
Part A and once for Part B—do not repeat the
data on the report for each MSA.
D. When and W here Statem ent is Due
1. You must send two copies of your
disclosure statement to the office specified by
your federal supervisory agency no later than
March 31 following the calendar year for
which the loan data are compiled.
2. The completed disclosure statement must
be signed by an officer of your institution (for
both Part A and Part B, on the final page of
each) certifying to the accuracy of the data
and indicating whether the statement
includes data of a majority-owned
subsidiary. (See paragraph 3 of section A
above.)
3. You also must make your disclosure
statement available no later than March 31
for inspection by the public at your home
office and, if you have branch offices in other
MSAs. at one branch office in each of these
MSAs.
E. Data To Be Shown
1. Originations and purchases. Show the
data on home purchase and home
improvement loans that you originated or
purchased during the calendar year covered
by the disclosure statement. Report the data
on loan originations on Part A of the form
and the data on loan purchases on Part B of
the form even if the loans were subsequently
sold. If you have no loans to report in one of
the two parts, enter "none” in the column
provided for census tract numbers and enter
zeros in Columns A through E; this helps to
show that no part of an institution's report
has been lost.
2. Num ber and total dollar amount. Show
the number of loans and the total dollar
amount of loans for each category on the
statement. For home purchase loans that you
originate, "total dollar amount” means the
original principal amount of the loan. For
home purchase loans that you purchase,
"total dollar amount" means the unpaid
principal balance of the loan at time of
purchase. For home improvement loans (both
originations and purchases), you may include
unpaid finance charges in the "total dollar
amount” if that is how you record such loans
on your books.
3. Rounding. Round all dollar amounts to
the nearest thousand ($500 should be rounded
up), and show in terms of thousands.

31690_____ Federal Register / Vol. 53, No. 161 / Friday, August 19. 1988 / Rules and Regulations
F. Data to Be Excluded
Do not report the following types of loans;
1. Loans th a t although secured by real
estate, are made for purposes other than for
home purchase or home improvement (for
example, do not report a loan secured by
residential real property for purposes of
financing education, a vacation, or business
operations);
2. Loans made or purchased in a fiduciary
capacity (for example, by your trust
department);
3. Loans on unimproved land;
4. Refinancings that involve no increase in
the outstanding principal, aside from closing
costs and unpaid finance charges;
5. Construction loans and other temporary
financing;
6. Purchase of an interest in a pool of
mortgage loans such as mortgage
participation certificates; or
7. Purchases solely of the right to service
loans.
G. Geographic Item ization (breakdown o f
loan data fo r each M SA or PMSA b y census
tract or county a nd o f loan data in the
outside-M SA/PM SA category)
1. M SA/PM SA. You must compile loan
data geographically for each MSA or PMSA
in which you have a home or branch office.
(See item 0 below for treatment of loans on
property outside MSAs/PMSAs). Start a new
page for each MSA or PMSA if you itemize
data for more than one MSA/PMSA You
must use the MSA/PMSA boundaries
(defined by the U.S. Office of Management
and Budget) that were in effect on January 1
of the calendar year for which the loan data
are compiled.
2. Census tract or county. For loans on
property that is located within one of these
MSAs or PMSAs. itemize the data by the
census tract in which the property is located,
except that you must itemize the data by
county instead of census tract when the
property:
a. Is located in an area that is not divided
into census tracts on the U.S. Census
Bureau's census tract outline maps (see item
3 below); or
b. Is located in a county with a population
of 30.000 or less.
To determine population, use the Census
Bureau's PC80-1-A population series even if
the population has increased above 30X100
since 1980.
3. Census tract maps. To determine census
tract numbers, consult the U.S. Census
Bureau's census tract outline maps. You may
use the maps of the appropriate MSAs/
PMSAs in the Census Bureau's PHC80-2

series for the 1980 census, or use equivalent
census data from the Census Bureau (such as
GBF/DIME files) or from a private publisher.
Use the maps in the 1980 series even if more
current maps are-available.
4. Compilation. Enter the data for all loans
made in a given census tract on the same
line. listing the number and total dollar
amount in the appropriate columns (as
described below in section H) and listing the
census tracts in numerical sequence. Do the
same for loans made in a given county.
5. Duplicate census tract numbers. If you
have a home or branch office in the New
York. NY PMSA. note that there are duplicate
census tract numbers in New York City.
When reporting, you must indicate the county
(by name or number) in addition to the tract
number for these census tracts.
8. O utside-M SA/PM SA. If the loans are for
property that is located outside those MSAs
or PMSAs in which you have a home or
branch office (or outside any MSA or PMSA),
report the loan data as an aggregate sum in
section 2 of the form. You do not have to
itemize these loans by census tract or county.
(But you will have to itemize the data by type
of loan, as described in section H below.)
H. Type-of-Loan Item ization (Breakdown o f
each geographic grouping into loan
categories—C olum ns A -E )
Column A: FHA. FmHA. and VA loans on
l-to-4 family dwellings.
1. Report in Column A loans made for the
purpose of purchasing a residential dwelling
for 1 to 4 families if the loan is secured by a
lien and if it is insured or guaranteed by
FH A FmHA, or V A
2. At your option, you may include loans
that are made for home improvement
purposes but are secured by a first lien, if you
normally classify first-Iien4oans as purchase
loans.
3. Include refinancings if there is an
increase in the outstanding principal aside
from any increase related to closing costs or
unpaid finance charges.
4. Include any nonoccupant FHA. FmHA.
or VA loans in this column as well as in
Column E.
5. Do not report any FHA Title 1 (home
improvement) loans in Column A; these loans
are to be entered in Column C.
Column B; Conventional home purchase
loans on l-to-4 family dwellings.
1. Report in Column B conventional loans
(all loans other than FHA. FmHA. and VA
loans) made for the purpose of purchasing a
residential dwelling for 1 to 4 families if the
loans are secured by a lien.

2. Include refinancings if there is an
increase in the outstanding principal aside
from any increase related to closing costs of
unpaid finance charges.
3. Include any nonoccupant conventional
loans in this column as well as in Column E.
4. At your option, you may include loans
that are made for home improvement
purposes but that are secured by a first lien,
if you normally classify first-lien loans as
purchase loans.
Column C: Home improvement loans on 1to-4 family dwellings.
1. Report in Column C only loans that:
a. The borrowers have said are to be used
for repairing, rehabilitating, or remodeling
residential dwellings, and
b. Are recorded on your books as home
improvement loans.
2. For home equity lines of credit, you may
include in Column C that portion of the line
of credit that the borrower indicates will be
used for home improvement, at the time the
account is opened. Report only in the year the
line is established.
3. Include both secured and unsecured
loans.
4. You may include unpaid finance charges
in the "total dollar amount" if that is how you
record such loans on your books.
5. Include any nonoccupant home
improvement loans in this column as well as
in Column E.
Column D: Loans on multifamily dwellings
(5 or more families).
1. Report in Column D loans on dwellings
for 5 or more families, including both loans
for home purchase and loans for home
improvement.
2. Do not report loans on individual
condominium or cooperative units in Column
D; report such loans in Columns A, B, or C.
Column E: Nonoccupant loans on l-to-4
family dwellings.
1. Report in Column E any home purchase
and home improvement loans on l-to-4 family
dwellings (listed in Columns A. B. and C) that
w ere made to borrowers who indicated at the
time of the loan application that they did not
intend to use the property as a principal
dwelling.
2. In completing Column E of Part B. you
may assume that a purchased loan does not
fall within this "nonoccupant" category
unless your documents contain information to
the contrary.
3. Do not complete Column E for loans that
you report under section 2 (Loans on property
not located in MSAs/PMSAs). in either Part
A (Originations) or Part B (Purchases).

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C tN SU Q rnA CT p n nu m e rica l » e » j* a t.N

C o n v en tio n a l

Horn*

L o an a

L o an a o n MultHemUy O w aW nga to*
ft o t Ho<« fa m H taa
f t o o a p g ic h a a a a an d
1w m a Im provem ent)

•

N on o c c u p a n t l o a n a
o n I lo « Fam ily O w a m n g t
k o m coiw m na A. H a n d C

i l

COUNTY (n am e e t n u m te *

No ot
L o ana

Total Doll*# A m ount
(tH ouaanda)

No ol
L o an a

t o t a l Ooda# A m ount
lU kiu aandaj

Na at
L o an a

T o ta l Ooila* a m o u i t
(ih o u a a n n a l

«
T o ta l O o«a/ Amounl
(lUowaanda}

<9
1-

NO Of
L oana

T o ta l Dotte* A m ount
(th o u a a n d a t

o_
u
C
O
z

51
ni
«<
>

09
C
O

C
O

M S A /PM S A TOTAL

►-*
CD

Section 2—lo a n e on pioperty not lo c ate d In MSAWPMSAs w here In ttllu tlo n h u ho m o o r b ran c h o lllco o

rnmmiimmiimiiiiiiimmmmm- - - r- - - -

I
f lolit*(iC lf OIM
uiK l »
iMiKwlknMMil due*notm .j*tl loand-lal»m
cH
**oillyow au * a»
ned b itl» lee
S*yn<iui* of Ce<tilying 0ll.ee*

TZZ7
..T

f i W Nani* ot P w ion Computing to o n

T --------- r

Telephone Numb** (mctude Aiea Code and E*ten«ion|

53
sr
<
a
P
a
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S0
C
D

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O

MORTGAGE LOAN DISCLOSURE STATEMENT, FORM HMDA-1
F O R U S E BY DEPOSITORY IN STITU TION S

Pari B— Purchases

M
05
'•O

Control num ber (agency u s e only)

t
o
LL-I

Report for loans m ade In 19___

R eporting Institution

Namt •

Addioaa

AddiMt

L I

I— L_l

I J LJ

E n fo rcem en t ag e n cy for rep o rtin g Institution

Nwn»

MSA/PMSA num ber lor d a la reported in S ectio n i .

Hu m or MSA/PMSA

S ectio n I —L oana on property lo c a te d In MSA/PMSA w here In illlu tlo n h a* • ho m e o r b ra n c h o tlle*
Loana on 1404 Family Dwottinea
Homo Pwtcfta** loona
FHA. FmHA, and V
A

Conventional

Horn* lmp«o«*m*nt Loona

Loana on Muttilamiiy Dw*n»nQ« lev
S o< Mora racrUiM*
ftoma purcniiM and
Ihmtm M O w
nfM V rnant)

CENSUS 1RACI (hi numotical votwor-co)

Nonoccupant loans
on 1 10 4 f nr\*y Owailings
liom coiwnwt* A, B arm C

Total Ootla* Amount
(inowaanda)

No ol
toon*

or
low*

Total Ootlai Amount
(ihowMnUN

No o1
loon#

Total Doiiai AmchtfU
(tnow**nd«)

No o1
Loona

Total D H Amount
o m
(i*vow»«nda>

COUNTY tnomo or nvmtMn

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a.

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f
Um i

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om
tutowaonoa)

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MSA/PMSA TOTAL

L_-------------------------- -

-----------

S ectio n 2 —L oene o n p ro p erly n o ! lo c a te d In MSAsiPMSAe w h ere In stitution h a s h o m e o r b ra n c h o ffteee

L ZZ

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D
§

I h»i«t>y Certify to tho oeemaer ol Hilt foport.
Thorapoit IncHxtoo U Oom not Inctod* C *o«* 4*U tor m**octt,r-<**«** *U>»W*<**
1

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T
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BILLING COOE S210-01-C

Pitnl Homo © Pwaon Con*t*tla« fo»m
I

T*l«pfton* Nwm (Includ* A Cod* and l*l*naton»
toM
im

C
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er.
o
o
C
O

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations
FORM HMDA-2, "MORTGAGE LOAN
DISCLOSURE STA TEMENT"
Public reporting burden for this collection
of information is estimated to vary from 30 to
100 hours per response, with an average of 60
hours per response, including time to gather
and maintain the data needed and to review
instructions and complete the information
collection. Send comments regarding this
burden estimate 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. Washington, DC 20551: and
to the Office of Information and Regulatory
Affairs. Office of Management and Budget
Washington, DC 20503.
INSTRUCTIO NS TO MORTGAGE
BANKING SUBSIDIARIES OF HOLDING
COMPANIES A N D TO SA VINGS AND
LOANS SERVICE CORPORA TIONS
A. Who M ust Use This Form
1. A mortgage banking subsidiary of a bank
holding company, a mortgage banking
subsidiary of a savings and loan holding
company, or a savings and loan service
corporation that originates or purchases
mortgage loans (other than a service
corporation that is majority-owned by a
single savings and loan association) must
complete this HMDA-2 form to disclose loan
data for the current calendar year if on the
preceding December 31 the subsidiary or
service corporation:
a. Had assets of more than $10 million, and
b. Had a home or branch office in a
metropolitan statistical area (MSA) or a
primary metropolitan statistical area (PMSA).
Example: If on December 31,1987, your
home office was in an MSA and your assets
exceeded $10 million, you must compile data
and complete a disclosure statement for all
home purchase and home improvement loans
that you originate or purchase during
calendar year 1988.
2. For purposes of loan disclosure
requirements (including geographic se
purchase, itemization under section G below),
a branch office means any office of your
institution (not of an affiliate) that takes
applications from the public.
3. You must use the format of the HMDA-2
form, but you are not required to use the form
itself. For example, you may produce a
computer printout of your disclosure
statement instead. But you must be sure to
include all of the identifying information
asked for at the top of the form, to use the
prescribed column headings, to provide the
signature of the certifying officer, etc.
B. W ho M ust Use O ther Forms
1. Commercial banks, savings and loan
banks, savings and loan associations,
building and loan associations, homestead
associations (including cooperative banks)
and credit unions must use the form HMDA1. instead of HMDA-2.
2. A service corporation that is majorityowned by a single savings and loan
association is deemed to be part of the parent
institution, and its loan data will be reported
on a consolidated basis with the parent's
data on the HMDA-1.

3. Institutions that have been exempted by
the Federal Reserve Board from complying
with the federal law because they are
covered by a similar state law on mortgage
loan disclosures must use the disclosure form
required by their state law.
C. Format
1. You must use the format of the HMDA-2
form, bat you are not required to use the form
itself. For example, you may produce a
computer printout of your disclosure
statement instead. But you must give all the
identifying information asked for at the top of
the form, use the prescribed column headings,
provide the signature of a certifying officer,
etc.
2. If your report on loan originations or
purchases consists of more than one page,
number the pages and m dnrtf the name of
your institution an d the MSA number a t the
top of each page. Enter the totals for the MSA
on the final page; do not give subtotals on
earlier pages. Report the Section 2 data
(Loans on property not located in MSAs/
PMSAs) on the final page. If your report
contains itemized data for more than one
MSA, report the Section 2 data only once for
Part A and once for Part B—do not repeat the
data on the report for each MSA.
D. W hen and W here Statem ent is Due
1. You must send two copies of your
disclosure statement to the office specified by
your federal supervisory agency no later thaa
March 31 following the calendar year for
which the loan data are compiled.
2. The completed disclosure statement must
be signed by an officer of your institution (for
both Part A and Part B on the final page of
each), certifyin; to the accuracy of the data.
3. You also must make your disclosure
statement available no later than March 31
for inspection by the public a t your home
office and, if you have branch offices in other
MSAs. at one branch office in each of these
MSAs.
E. Data to Be Shown
1. O riginations and purchases. Show the
data on home purchase and home
improvement loans that you originated or
purchased during the calendar year covered
by the disclosure statement. Report the data
on loan originations on Part A of the form
and the data on purchases on Part B of the
form even if the loans w ere subsequently
sold. If you have no loans to report in one of
the two parts, enter “none” in the column
provided for census tract numbers and enter
zeros in Columns A through E; this helps to
show that no part of an institution's report
has been lost.
2. N um ber and total dollar amount. Show
both the number of loans and the total dollar
amount of loans for each category on the
statement. For home purchase loans that you
originate, "total dollar amount” means the
original principal amount of the loan. For
home purchase loans that you purchase.
"total dollar amount” means the unpaid
principal balance of the loan at time of
purchase. For home improvement loans (both
originations and purchases), you may include
unpaid finance charges in the “total dollar
amount” if that is how you record such loans
on your books.

31693

3. Rounding. Round all dollar amounts to
the nearest thousand ($500 should be rounded
up), and show m terms of thousands.

F. Data to Be Excluded
Do not report the following types of loans:
1. Loans that, although secured by real
estate, are made for purposes other than for
home purchase or home improvement (lor
example, do not report a loan secured by
residential real property for purposes of
financing education, a vacation, or business
operations):
2. Loans made or purchased in a fiduciary
capacity;
3. Loans on unimproved land:
4. Refinancings of loans that involve no
increase in the outstanding principal, aside
from closing costs and unpaid finance
charges;
5. Construction loans and other temporary
financing;
6. Purchase of an interest in a pool of
mortgage loans such as mortgage
participation certificates:
7. Purchases solely of the right to service
loans; or
8. FHA home purchase and home
improvement loans (at your option, you may
record FHA Loans on form HMDA-2A,
"Mortgage Loan Statement for Optional
Disclosure of FHA Loans").

G. Geographic Itemization (breakdown o f
loan data for each MSA or PMSA by census
tract or county, and aggregation o f loan data
for the ovtside-SA/PM S category)
1. MSA/PMSA. You must compile loan
data geographically for each MSA or PMSA
in which you have a home or branch office.
(See item 6 below for treatment of loans on
property outside such MSAs/PMSAs). Start a
new page for each MSA or PMSA if you
itemize data for more than one MSA/PMSA.
You must use the MSA/PMSA boundaries
(defined by the U.S. Office of Management
and Budget) that were in effect on January l
of the calendar year for which the loan data
are compiled.
2. Census tract or county. For loans on
property that is located within one of these
MSAs or PMSAs. itemize the dala by the
census tract in which the property is located,
except that you must itemize the data by
county instead of census tract when the
property:
a. Is located in an area that is not divided
into census tracts on the U.S. Census
Bureau’s census tract outline maps (see item
3 below); or
b. Is located in a county with a population
of 30.000 or less.
To determine population, use the Census
Bureau’s PC80-1-A population series even if
the populations has increased above 30,000
since 1980.
3. Census tract maps. To determine census
tract numbers, consult the U.S. Census
Bureau's census tract outline maps. You may
use the maps of the appropriate MSAs/
PMSAs in the Census Bureau's PHC80-2
series for the 1980 census, or use equivalent
census data from the Census Bureau (such as
GBF/D1ME files) or from a private publisher.
Use the maps in the 1980 series even if more
current maps are available.

31694

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations

4. Compilation. Enter the data for all loans
made in a given census tract on the same
line, listing the number and total dollar
amount in the appropriate columns (as
described below in section H) and listing the
census tracts in numerical sequence. Do the
same tor loans made in a given county.
5. Duplicate census tract numbers. If you
have a home or branch office in the New
York. NY PMSA. note that there are duplicate
census tract numbers in New York City.
When reporting, you must indicate the county
(by name or number) in addition to the tract
number for these census tracts.
6. Outside-MSA/PMSA. If the loans are for
property that is located outside those MSAs
or PMSAs in which you have a home or
branch office (or outside any MSA or PMSA),
report the loan data as an aggregate sum in
Section 2 of the form. You do not have to
itemize the loans by census tract or county.
(But you will have to itemize the data by type
of loan, as described in section H below.)
H. Type-of-Loan Itemization (breakdown of
each geographic grouping into loan
categories—
-Columns A-El.
Column A: FmHA and VA loans on l-to-4
family dwellings.
I. Report in Column A loans made for the
purpose of purchasing a residential dwelling
for 1 to 4 families if the loan is secured by a
lien and if it is insured or guaranteed by
FmHA or VA.
2. At your option, you may include loans
that are made for home improvement
purposes but are secured by a first lien, if you
normally classify first-lien loans as purchase
loans.
3. Include refinancings if there is an
increase in the outstanding principal aside
from any increase related to closing costs or
unpaid finance charges.
4. Include any nonoccupant loans in this
column as well as in Column E.

S. Do not include FHA loans in Column A.
At your option, you may record FHA loans on
the form HMDA-2A. "Mortgage Loan
Statement for Optional Disclosure of FHA
Loans.”
Column B. Conventional home purchase
loans on l-to-4 family dwellings.
•1. Report in Column B conventional loans
(all loans other than FmHA and VA loans)
made for the purpose of purchasing a
residential dwelling for 1 to 4 families if the
loan is secured by a lien.
2. Include refinancings if there is an
increase in the outstanding principal aside
from any increase related to closing costs or
unpaid finance charges.
3. Include any nonoccupant conventional
loans in this column as well as in Column E.
4. At your option, you may include loans
that are made for home improvement
purposes but that are secured by a first lien,
if you normally classify first-lien loans as
purchase loans.
Column C. Home improvement loans on 1to-4 family dwellings.
1. Report in Column C only loans that:
a. The borrowers have said are to be used
for repairing, rehabilitating, or remodeling
residential dwellings, and
b. Are recorded on your books as home
improvement loans.
2. For home equity lines of credit, you may
include in Column C that portion of the line
of credit that the borrower indicates will be
used for home improvement, at the time the
account is opened. Report only for the year in
which the line is established.
3. Include both secured and unsecured
loans.
4. You may include upaid finance charges
in the "total dollar amount" if that is how you
record such loans on your books.

5. Include any nonoccupant home
improvement loans in this column as well as
in Column E.
8. Do not report FHA loans in Column C. At
your option, you may report FHA loans on
form HMDA-2A. "Mortgage Loan Statement
for Optional Disclosure of FHA Loans."
Column D: Loans on multifamily dwellings
(S or more families).
1. Report in Column D all loans on
dwellings for S or more families, including
both loans for home purchase and loans for
home improvement.
2. Do not report loans on individual
condominium or cooperative units: report
such loans in Columns A, B, or C.
3. Do not report FHA loans in Column D. At
your option, you may report FHA loans on
form HMDA-2A, “Mortgage Loan Statement
for Optional Disclosure of FHA Loans."
Column E: Nonoccupant loans on l-to-4
family dwellings.
1. Report in Column E any home purchase
and home improvement loans on l-to-4 family
dwellings (listed in Columns A. B. and C) that
were made to borrowers who indicated at the
time of the loan application that they did not
intend to use the property as a principal
dwelling.
2. In completing Column E of Part S. you
may assume that a purchased loan does not
fall within this "nonoccupant" category
unless your documents contain information to
the contrary.
3. Do not complete Column E for loans that
you report under section 2 (Loans on property
not located in MSAs/PMASs where
institution has home or branch offices), in
either Part A (Originations) or Part B
(Purchases).
BILLING CODE

OWB No T10000*0 Apf »o»*i Jtwi* *990
Th»* i#po* I It ragohM) b> • • • <■? USC 2W i-M iO •"<*12 C r A 201)

MORTGAGE LOAN DISCLOSURE STATEMENT, FORM HMDA-2

C ontrol n um ber (agency u se only)

FO fl USE BY: • MORTGAGE BANKING SUBSID IARIES O F HOLDING CO M PA NIES
• CERTAIN SAVINGS AND LOAN SERVICE C O R PO R A TIO N S

Part A—Originations

1
I

1 I

E nforcem ent ag en cy lor reporting Institution

R eposing Institution

MSA/PMSA num ber for d a ta rep o rted in S ectio n 1_

N .« t* o r MSA/PMSA

Nm * or

1
U

Report for loans made In 19___

I
£-

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w

Company

O
rO!
CO
2
o
o>

3
CL

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>
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H
*

Soctlon 2—Loans on property n o t lo c ata d In MSAs/PMSAt whora In stitution h o t hom o Of b ran c h o tl k a a

■ i i i i i i i i i i M
I N t i t f Cl<l>fy lo

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Part B — Purchases

31696

MORTGAGE LOAN DISCLOSURE STATEMENT. FORM HMDA-2
FO R U SE BY: • MORTGAGE BANKING SUBSID IARIES O F HOLDING CO M PA N IES
• CERTAIN SAVINGS AND LOAN SERVICE C O R PO RA TIO N S

(tfl#n£y uM ^

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-----1
---- -----I_____I____I___ I___L J ------1 ----- 1 ' I-----1 1 1--1 ' I-------- 1

Reporl (or loans made In 19___

Reporting Institution

Enforcem ent sfiency lo t reporting Institu tio n

Nama © Painnl Company
I
Section t —to e n e on property lo c ete d bi MSA/PMSA w here Institution h s i a h o m e o r b re n c h o ttlce
loana M 1 KM Family (WHngi
Horn# Purchaao L a i
m
CCN6US 1PUCT (kn numatlcal aaquanca)

Homa tmpfovomar.l Loans

Conventional

FMHA and V
A
O
f
COUNTY

(nama or ftumbor)

No o4
lOMI

No of
lo a n a

T otal D ollar A m ount
(th o u san d th

No ol
Loan*

T otal D ollar A m ount
^ ih o u ta n d a j

Nonoccupant Loana
on t-lo-4 FomMy DwaUinga
from column a A. 1 and C
(

■

Loana on HvMtfamNy DwotUnga to*
ft or Mora Famlllat
(tm n purchaaat and
homa Impfovamar 1
)

No of
Loana

T o tal D ollar A m ount
H houaanda)

T otal OoHa» A m cunt
(ih o u ao n d N

No. o l
Loona

T o ta l DoMaf A m ount
flh o u a a n u a )

MSA/PMSA TOTAL
Section 2—lo e n s on property n o t loceted In MSAs/PMSAt w here Institution h a s h o m e o r b ren c h a l ik e *

E m m m i m m i m m M i i i i i m i iiM i m i

---------------- m

irn m iiiiim iiiiiiiiiiiin iiiiiiiiiim

I haiaby caitlly 10 Iha accuracy of Itua »apoit

Slgnatui* ol Candying Olltca<

BtLLINQ COOE 6210-01-C

Prim Nam* of Pataon Compiling Fo<m

Talaphona Numfcaf (Includo A Coda end Milana ton)
im

Federal Register / Vol. 53, No. 161 / Friday, August 19.1988 / Rules and Regulations

_________________________________________________________________________________________________________ MSA/PMSA num ber to r d e ls reported In S ectio n 1 ______________

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations
FORM H M D A-2A, "M O RTGAG ELO AN
STATEM EN T FOR OPTIONAL
DISCLOSURE OF FHA LO AN S"
This collection of information is not
required. Mortgage banking subsidiaries of
holding companies and certain savings and
loan associations may record their FHA loans
on this form if they wish to make that data
available to the public. Public reporting
burden for this collection of information is
estimated to vary from 10 to 50 hours per
response, with an average of 20 hours per
response, including time to gather and
maintain the data needed and to review
instructions and complete the information
collection. Send comments regarding this
burden estimate 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, Washington, DC 20S51; and

to the Office of Information and Regulatory
Affairs, Office of Management and Budget,
Washington. DC 20503.
INSTRUCTIONS TO MORTGAGE
BANKING SUBSIDIARIES OF HOLDING
COMPANIES AND TO CERTAIN SA VINGS
AND LO AN SER VICE CORPORA TIONS
A. Who M ay Use This Form
If you are the mortgage banking subsidiary
of a bank holding company or of a saving and
loan holding company, or if you are a savings
and loan service corporation that Hies the
HMDA-2 form, you are required to exclude
data on FHA Title I (home improvement] and
FHA Title II (home purchase) loans from your
form HMDA-2. At your option, however, you
may record FHA loans on form HMDA-2A
and make the form available to the public
along with your HMDA-2 disclosure
statem ent

31697

B. Data to be Shown
1. For loans that you originate, see the
instructions that are provided for the HMDA2 form under section G (Geographic
Itemization]. Report the number and total
dollar amount of FHA home purchase loans
in Column 1 and FHA home improvement
loans in Column 2. Include loans on both 1-to4 family dwellings and multifamily dwellings
for 5 or more families.
2. For loans that you purchase, see the
instructions that are provided for the HMDA2 form under section G (Geographic
Itemization). Report the number and total
dollar amount of FHA home purchase loans
in Column 3 and FHA home improvement
loans in Column 4. Include loans on both 1-to4 family dwellings and multifamily dwellings
for 5 or more families.
BILUNG CODE (210-01-11

m pfm ju«* m a

VMt isp o fl out»o< ll#« «

|IS

U&C K O I » * 0

»ntf t |

Cfft K f t

MORTGAGE LOAN STATEMENT FOR OPTIONAL DISCLOSURE
OF FHA LOANS, FORM HMDA-2 A

32893

0446 no rteaoow

FOB USE BY: • MORTGAGE BANKING SUBSIDIARIES OF HOLDING COMPANIES
• CERTAIN SAVINGS AND LOAN SERVICE CORPORATIONS

Institution

Enforcement agency for Ihle Institution

Nm
*#

______________________________________________________________ MSA/PMSA num ber for d ele repotted In S ection I
Mm
u

JSSm “ —
S

■'■

nm
«

of M ^MA
IA S

Section 1 - U e n e e n piopetty loceted In MSA/PMSA where Institution fiee e hom e or brench olfloe
fH A lo o n s P u rc h a se d

f MA L o tw Ortain»<ed
H orns P u tcH sss lo o n s

Ho m o In ^ o e e m s n t Loons

H orns f u tc N M Loana

C IN S U 9 TRACT (M MMMriC* M qiW K lI

H orns lm p/o*um ont le o n e

Of
COUNTV | w m of Humbert

N o of Losws

Total OoMef A m ount
{tftou sen d s)

N o of Loons

Totst DoMor A m ount
(lhou sen d s)

N o o f Loons

Total OofUi A m ount
ftfcou sen d s)

OLoon#
f

MSA/PMSA TOTAl
Section 2—Loons on property not loceted tn MSAs/PMSAs where Institution he* hom e or brench offlcee

w
arniim im m
iim m iiiiiiiiim m iinm im
im iiim iiim —

BILLING CODE (210-01-C

- i

i --r

Total D o it* A m ount
tlfto u aan d a)

Federal Register / Vol. 53, No. 161 / Friday, August 19,1988 / Rules and Regulations

Record of FHA loans made In 19___

Federal Register / Vol. 53, No. 161 / Friday, August 19, 1988 / Rules and Regulations
Appendix B—Federal Supervisory
Agencies
The following list indicates which federal
agency is responsible for enforcing
compliance by each class of covered
institutions. Questions should be directed,
and copies of your disclosure statements
should be sent, to the office specified below.
You may also obtain posters from these
agencies that you can use to inform the public
of the availability of your disclosure
statement.
N ational Banks
Comptroller of the Currency regional office
serving the district in which the national
bank is located.
State M em ber Banks and Mortgage Banking
Subsidiaries o f Bank Holding Companies
Federal Reserve Bank serving the district in
which the state member bank or mortgage
banking subsidiary is located.
Nonm em ber Insured Banks (except fo r
Federal Savings Banks)
Federal Deposit Insurance Corporation
Regional Director for the region in which the
bank is located.
Savings Institutions Insured b y FSLIC,
Mortgage Banking Subsidiaries o f Savings
and Loan Holding Companies, Savings and
Loan Service Corporations, and M em bers o f
the FHLB System (except fo r State Savings
Banks insured b y FDIC)
Federal Home Loan Bank Board
Supervisory Agent in the district in which the
institution is located.
Credit Unions
Office of Examination and Insurance,
National Credit Union Administration, 1776 G
Street NW„ Washington, DC 20456.
O ther Financial Institutions
Federal Deposit Insurance Corporation
Regional Director for the region in which the
institution is located.
By order of the Board of Governors of the
Federal Reserve System, August 11,1988.

William W. Wiles,
Secretary o f the Board.
[FR Doc. 88-18701 Filed 8-18-88; 8:45 am]
BILLING CODE 6210-01-M

31699

Full text of District Notices (Federal Reserve Bank of Dallas) : Revised Regulation C (Home Mortgage Disclosure), Circular No. 88-59

FRASER