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The CFPB has released the filing instructions guide for data collected in 2021 – to be reported in 2022 – under the Home Mortgage Disclosure Act (HMDA). The guide breaks down the submission process, file specifications, data specifications, and edits that have been made from the 2020 guide.

In addition to the filing guide, the bureau also released an updated supplemental guide for quarterly filers. Financial institutions that report for the preceding calendar year at least 60,000 covered loans and applications must report their HMDA data quarterly in addition to annually.

In April, the CFPB issued its final rule to increase the reporting threshold for closed-end dwelling secured loans from 25 loans in the preceding two calendar years to 100 loans. This change took effect July 1.

In addition, the rule increases the threshold for reporting open-end lines of credit, including home equity lines of credit (HELOCs), from the original threshold of 100 loans in the 2015 rule to 200 loans effective Jan. 1, 2022. Until the new threshold takes effect, the temporary threshold of 500 open-end lines of credit, which was extended until 2022 in October, will remain in place.

The bureau released an updated HMDA compliance guide for small entities detailing these changes. The CFPB has also provided some relief amid the coronavirus pandemic as it "does not intend to cite in an examination or initiate an enforcement action against any institution for failure to report its HMDA data quarterly. At a later date, the Bureau will provide information as to how and when it expects institutions under its jurisdiction to resume quarterly HMDA data submissions."

NAFCU has additional HMDA resources available to credit unions online.