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HMDA Partial Exemptions

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This topic contains 1 reply, has 2 voices, and was last updated by  jholzknecht 1 year, 1 month ago.

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  • #13323

    tressa
    Participant

    It is my understanding that if a HMDA data point is reported as N/A or a code for no co-applicant and these data points are now included in the partial exemptions, you will enter the exemption codes – “Exempt” or “1111”, whichever is applicable.

    For example, rate spread data point for a business loan is reported as N/A. Under the new rule it will be reported as “Exempt” instead of NA.
    Next example, there is no co-applicant, credit score for co-applicant is reported as 9999. Under the new rule it will be reported as “1111”.

    Is my understanding correct?

    #13327

    jholzknecht
    Keymaster

    Your understanding is correct assuming we are talking about a bank that meets all of the requirements for the EGRRCPA partial HMDA exemption.

    For more information about the EGRRCPA partial HMDA exemption consider about October 1, 2018 webinar https://www.jackscomplianceresource.com/event-registration/?ee=192.

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