The NCUA on Wednesday reminded credit unions about the Home Mortgage Disclosure Act data collection requirements for 2022.
If your credit union meets all four of the following criteria, it must collect HMDA data during calendar year 2022 and submit the data to the CFPB no later than March 1, 2023, according to the NCUA. Criteria includes:
- your credit union’s total assets as of Dec. 31, 2021, exceeded $50 million;
- your credit union had a home or branch office in a metropolitan statistical area on Dec. 31, 2021;
- your credit union originated at least one home purchase loan (other than temporary financing such as a construction loan) or refinanced a home purchase loan, secured by a first lien on a one-to-four unit dwelling during 2021; and
- your credit union originated at least 100 covered closed-end mortgage loans in each of the two preceding calendar years (2020 and 2021) or at least 200 covered open-end lines of credit in each of the two preceding calendar years (2020 and 2021).
If your credit union does not meet all four criteria, you are exempt from filing HMDA data for mortgage loan applications processed in calendar year 2022. The full alert, which includes additional details, can be accessed on the NCUA website.