Note: If the answer to question 6 is No, the merged institution does not have to report transactions that occurred during the year of the merger.
When the a revealing place merged which have a low-revealing institution, together with revealing place is the surviving establishment, towards 12 months of one’s merger, investigation collection required on reporting institution’s transactions; study collection are optional into the deals handled during the practices regarding the latest prior to now excused low-revealing business.
If the a revealing establishment matched having a non-revealing business, together with low-reporting facilities is the thriving business, otherwise a new business is created, on the season of merger, investigation range becomes necessary for the reporting facilities to own transactions one taken place ahead of the merger; studies range was recommended for transactions that took place following the merger date.
If one another establishments was basically HMDA journalists, investigation range required for the entire year of one’s merger. Brand new combined organization could possibly get file often a good consolidated distribution otherwise separate articles.
Footnotes
Investigation fields proving if or not ethnicity otherwise race pointers try gathered into the foundation off visual observation or surname (FIG Analysis Industry Numbers 30, thirty-two, 44, and you online payday loans Arizona may fifty) commonly found in any investigation group enumerated from inside the section ten and are generally managed since the personal study areas having purposes of these types of recommendations.
Borrowing from the bank unions which are not federally insured try at the mercy of HMDA as long as it replied Yes to help you concerns 1, 2, step 3, and you may 4 at least one of the finance in question step 3 try insured, secured, or formulated by a national agency or was created by the borrowing from the bank relationship offered to Fannie mae otherwise Freddie Mac computer. 1003.2(g)(1)(iv).
- The acquisition out-of closed-stop mortgages otherwise open-prevent credit lines as part of an excellent merger otherwise purchase, otherwise included in the purchase of all assets and you will liabilities out-of a department workplace because defined in the 1003.2(c), 1003.3(c)(6);
Exchange Assessment
Maps demonstrating brand new twenty two study factors perhaps not covered by the brand new limited exemptions together with 26 investigation circumstances included in brand new limited exemptions have been in Appendix F off A guide to HMDA Reporting: Setting it up Best!.
- HMDA transaction research are put into one or two levels. Both levels shot for problems just inside the individual investigation fields you to definitely are picked for feedback as given significantly more than when you look at the part cuatro. Inside Stage step 1, examiners opinion merely a good subset of your own decide to try (Very first Sample). How big is the first Sample is determined by the size of one’s borrowing from the bank union’s HMDA LAR, just like the shown in line B of your own HMDA desk. If your quantity of errors known throughout the Initial Try falls beneath the Very first Take to Endurance inside column C of your own HMDA table each analysis field examined, don’t attempt comment required additionally the examiners get stop your order review. In the event the level of errors in every research community reviewed translates to or exceeds the initial Decide to try Endurance inside line C of the HMDA table, examiners should proceed to Stage 2 and you will comment the rest of the entire Decide to try. Into the Stage 2, examiners need to comment all the analysis industries which had no less than one mistakes throughout the 1st Attempt and you can ple research industries assessed and you will discovered to have zero errors within the Stage 1.
- This new Competition from Applicant or Borrower investigation occupation classification: made up of 7 FIG areas with advice to your a keen applicant’s otherwise borrower’s competition (FIG Analysis Job Number 33-40); and you may
Note: If all of the answers to questions 1, 2, 3, and 4 are “Yes,” the credit union is subject to HMDA in the current year and the remainder of the checklist should be completed (unless exempt by virtue of similar state law).