The reporting threshold for the Home Mortgage Disclosure Act will remain unchanged for 2003, the Federal Reserve Board announced Tuesday.
The asset-size exemption for banks will stay at $32 million, the board said.
Banks and other depository institutions with less than $32 million in assets as of Dec. 31 are exempt from data collection. That exemption doesn’t affect an institution from reporting data it was required to collect in 2002, however.
The HMDA requires most depository institutions and certain for-profit, nondepository institutions to report information about home mortgage loans, home improvement loans, and refinancings.
The information required for disclosure includes applications for loans, originations, and purchases, as well as type, purpose, and amount of the loans. Data required on borrowers include their national origin, sex, and income, and the location of their properties.
The announcement said the HMDA’s purpose is to help determine if lenders are serving the housing needs of their communities and helping with fair lending enforcement.
The board last increased the threshold to $31 million in 2001.
