BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
CA 04-11
December 10, 2004
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT: HMDA Data Collection and Reporting
Attached is an interagency guidance letter (84 KB PDF) that is being been sent to all HMDA data reporters alerting them to areas of potential problems in the collection and reporting of HMDA data. Many of the data fields added to HMDA in 2002 are being collected for the first time in 2004. Based upon review of preliminary 2004 HMDA data for a number of reporters, there appears to be some confusion about how to properly collect and report these new data fields. Specific areas of concern noted in the review are the correct application of the transition rules, ethnicity, race, and sex data, preapprovals, property location, lien status, HOEPA status, and the reporting of loans sold and purchased. This guidance is being issued to inform HMDA reporters of the correct methods of collecting and reporting these data fields so that any required corrective action may be taken prior to data submission by March 1, 2005 .
Anyone wanting more information about the collection and reporting of HMDA data should refer to "A Guide to HMDA Reporting : Getting it Right" at http://www.ffiec.gov/hmda/pdf/2004guide.pdf (1,032 KB PDF) . Information about the HMDA transistion rules can be found on the FFIEC website at http://www.ffiec.gov/hmda/faq.htm. Questions on the attached guidance or on the collection and reporting of HMDA data should be referred to the Oversight Review Examiner assigned to your district.
Sincerely,
(signed)
Suzanne G. Killian
Manager, Oversight