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Unified Registration Statement For Hawaii Form : Customize, Finish and forward

good afternoon and welcome to the NCUA.webinar on recent changes to the home.mortgage disclosure Act for Honda and.other consumer compliance laws my name.is Joe Goldberg I'm the director of the.division of consumer compliance policy.and outreach in the NCUA's Office of.Consumer Financial Protection.my division works on policy issues.related to standard consumer protection.matters and also conducts the agency's.fair lending program which includes.supervision for compliance with Honda as.you may be aware this year brought many.changes to fair lending and consumer.compliance laws we are presenting this.webinar to provide an update on the most.significant ones we will first cover the.changes Congress made earlier this year.to HMDA reporting the presenters will.also discuss some observations by field.staff during their limited hunger.reviews in 2018 in the second half we.will discuss many of the amendments to.consumer compliance laws resulting from.congressional action in May of 2018 if.time permits we will answer questions.you submit during the webinar our goal.today is to provide you with information.and resources you can use to ensure your.credit union remains in compliance with.all applicable consumer compliance laws.and regulations and now I will turn it.over to grace Lee who is the moderator.in one of the presenters of today's.webinar Thank You Jo i'm grace lee.consumer compliance policy and outreach.specialist today's webinar is on the.Home Mortgage Disclosure Act also known.as HMDA as implemented by regulation C.and the economic growth regulatory.relief and consumer protection act we.hope to provide helpful information.about these important topics before we.get into the substance of today's.webinar I have a few administrative.announcements related to the webcast.functionality first please make sure the.volume on your computer is turned up.that you can hear the webcast if you.have trouble viewing a slide click on.the enlarge slides button on the bottom.of the console please allow pop-ups from.the website a screen resolution of 1024.by 768 or higher will let you see the.slides you can submit a question at any.time during the webcast in the ask a.question box we have set aside time at.the end of today's presentation to.address questions is time permits mostly.focusing on questions we received in.advance thanks to all of you who sent in.questions if your question is not.answered during the webcast please email.us at OSI FP BCP o mail at ncua.gov.that's OCSP BCP o mail at ncua.gov this.webinar will be archived in.approximately three weeks after the live.event please note that we're presenting.this webinar for informational purposes.only to enhance understanding of the.statutes and regulations and CUA.administers the next thing we will see.is the agenda on slide 2 in the HMDA.portion of the webinar we will cover.changes 200 data collection and.reporting effective January 1st 2018 and.the Bureau of Consumer Financial.Protection.or the bureau interpretive and.procedural rule issued on August 31st.2018 clarify changes made in the.economic growth' regulatory relief and.Consumer Protection Act and the.legislative update portion of the.webinar we cover the 2018 changes to.various Consumer Financial Protection.laws now Matt Nixon program officer with.the office of consumer financial.protections division of consumer.compliance policy and outreach will.discuss the HMDA portion of the webinar.Thank You grace in this portion of the.webinar I'll be covering changes made to.Honda and regulation see data collection.and reporting requirements made by the.dodd-frank act and the bureau changes to.HMDA data collection and reporting.effective January 1st 2018.the bureau's interpretive and procedural.rule issued on August 31st 2018 the.clarify changes made by the economic.growth' regulatory relief and Consumer.Protection Act recent changes to HMDA.and Regulation C regarding exemptions.allowed for collection and reporting of.certain new data points and NCUA's.ongoing effort to review and test HMDA.data reporting in credit unions but.before we dive into these topics I'll.give a brief overview of HMDA and its.implementing regulation regulation C the.Home Mortgage Disclosure Act or HMDA.requires certain financial institutions.to collect report and disclose.information about their mortgage lending.activity under was originally enacted by.the Congress in 1975 one statutory.purpose of HMDA is to provide the public.with information that will help show.whether financial institutions are.serving the housing credit needs of the.communities and neighborhoods in which.they are located a second statutory.purpose is to aid public officials in.distributing public sector investment so.as to attract private investment to.areas where it is needed the financial.institutions reform recovery and.Enforcement Act of 1989 ireia.amended HMDA to require the collection.and disclosure of data about applicant.and borrower characteristics assist in.identifying possible discrimination.taury lending patterns and help enforce.anti-discrimination statutes regulation.C implements HMDA the dodd-frank Wall.Street Reform and Consumer Protection.Act or the dodd-frank act amended HMDA.to among other things require reporting.of additional data points transfer HMDA.rulemaking authority from the Federal.Reserve Board to the bureau and transfer.regulation C rulemaking authority to the.bureau in august 2014 the bureau.proposed amendments to regulation c to.implement the dodd-frank act changes.require collection recording and.reporting of additional information to.further Hondas purposes and to modernize.the manner in which covered institutions.report on the data the bureau published.final amendments to regulation C in.October 2015 under that rule financial.institutions continue to report data.regarding loan originations applications.and loan purchases the bureau's rule.changed the types of financial.institutions subject to regulation C the.types of transactions subject to.regulation see the data financial.institutions are required to collect.record and report pursuant to regulation.C and the processes for reporting and.disclosing HMDA data data is now.submitted electronically to the bureau.on behalf of the appropriate federal.agency associated with reporter and much.of the data are made available to the.public on both an aggregate and a loan.level basis the next slide outlines the.loan volume thresholds effective January.1st 2018.the loan volume thresholds require an.institution originating at least 25.closed-in mortgages or at least 500 open.den lines of credit in each of the two.preceding calendar years to report HMDA.data this is the case if the institution.meets all of the other criteria for.institutional coverage which I'll cover.at the end of this slide the 500 opened.n line of credit threshold is temporary.and applies in calendar years 2018 and.2019 effective January 1st 2020 the.opened n lines of credit threshold.reverts to 100 in each of the two.preceding calendar years the threshold.stated in the 2015 final rule the other.institutional coverage criteria do not.change in 2020 thus effective January.1st 2020 a depository financial.institution is subject to regulation C.if it originated at least 25 covered.closed in mortgage loans in each of the.preceding two calendar years or at least.100 covered opened in lines of credit in.each of the two preceding calendar years.and meets the other applicable coverage.criteria the 2015 rule also included a.separate test to exclude institutions.that offer opened in lines of credit and.no closed in mortgage loans from.institutional coverage in other words.institutions that only offer he locks.are not required to report even if they.originate more than 500 he locks.annually because an institution still.must originate at least one home.purchase loan or refinancing of a home.purchase loan secured by a first lien on.a.into four unit dwelling in order to be a.covered institution the other coverage.criteria includes having a home or.branch office in a Metropolitan.Statistical Area as of the prior.December 31st and meeting the applicable.total asset threshold as of the prior.December 31st currently the asset.threshold is 45 million let's look at.some examples to help understand this.this slide provides HMDA institutional.coverage threshold examples as mentioned.on the previous slide credit unions do.not have to collect and report HMDA data.for closed in mortgage loans or the.current reporting year if they did not.originate at least 25 closed in mortgage.loans in each of the prior two years and.credit unions do not have to collect and.report HMDA data for open the end lines.of credit in the current reporting year.if they did not originate at least 500.opened in lines of credit in each of the.prior two years in example a the credit.union must only report open the n lines.of credit because the credit union.originated at least 500 opened in lines.of credit in each of the prior two years.but did not originate at least 25 closed.in mortgage loans in each of the prior.two years an example B only closed in.mortgage loans must be reported in.example C both closed in mortgage loans.and open the in lines of credit must be.reported and in example D the credit.union is not required to file a HMDA.loan application register however the.credit union may elect to optionally.report since loan volume is near the.reporting threshold for both closed in.mortgage loans and opened in.lines of credit in January 2018 the.bureau modified regulation C regarding.government monitoring information or GMI.DMI is data collected and reported about.the applicants the changes also affected.the types of loans to be reported.although originators who are not HMDA.filers also collect GMI our discussion.is only in the context of home defiling.first I'll discuss new requirements for.collection of GMI on ethnicity race and.sex.the final rule requires financial.institutions to report whether ethnicity.race or sex information was collected on.the basis of visual odds are.observations or surname when an.application is taken in person and the.applicant does not provide the.information you likely are already.familiar with the ethnicity and race.categories that I'm referring to in this.presentation as aggregated categories or.ethnicity the aggregated categories are.Hispanic or Latino and not Hispanic or.Latino or race the aggregated categories.are American Indian or Alaskan native.Asian black or African American Native.Hawaiian or other Pacific Islander and.white.the final rule added for disaggregated.ethnicity and 12 disaggregated race.categories for information provided by.applicants financial institutions must.permit applicants to self-identify using.disaggregated ethnic and racial sub.categories and must report the.disaggregated information applicants.provide for example the aggregated.ethnicity category.of Hispanic or Latino must be broken.down into the subcategories of Mexican.order Rican Cuban or other Hispanic or.Latino the aggregated race category of.Asian and Native Hawaiian or other.Pacific Islander categories also must be.broken down into their respective.disaggregated sub categories when race.and ethnicity data is completed by the.financial institution the final rule.retains the current requirements.requiring financial institutions to.provide only aggregated ethnic or racial.data the final rule does not require or.permit financial institutions to use the.disaggregated sub categories when.identifying the applicants ethnicity and.race based on visual observation or.surname in the January 2018 revision the.bureau also includes a new dwelling.secured standard for all loans or lines.of credit for personal family or.household purposes so most consumer.purpose transactions including closed in.home equity loans home equity lines of.credit and reverse mortgages are subject.to the regulation most commercial.purpose transactions are subject to the.regulation only if they are for the.purpose of home purchase home.improvement or refinancing the final.rule excludes from coverage home.improvement loans not secured by a.dwelling that is unsecured home.improvement loans or Home Improvement.loans secured by some other type of.collateral and all agricultural purpose.loans and lines of credit.the 2015 HMDA rule significantly changes.the data points HMDA filers are required.to collect and report or 2018 and.thereafter prior to the 2018 reporting.year financial institutions were.required to collect and report 22 data.points and had the option of reporting.reasons for denial or a total of 23 data.points the dodd-frank act revised HMDA.reporting requirements to align current.humba fields with industry data.standards and close information gaps the.first table shows the data points.required in 2017 and prior reporting.years the second table shows the data.points added by the dodd-frank act for.2018 and after reporting years the third.table shows the data points added under.the bureau's discretionary authority for.2018 and after reporting years note for.2017 and prior reporting years reporting.of reasons for denial had been optional.and reporting of approved but not.accepted applications and HELOC.applications for home improvement.purposes had also been optional the 2015.HMDA rule required credit unions to.collect record and report information on.a total of 48 data points there are 25.new data points 11 new data points.identified in the dodd-frank act and 14.new data points added by the bureau.under their discretionary authority.there are 23 existing data points the.final rule modified 14 existing data.points the final rule left 9 data points.unchanged and changed reporting of.reasons for denial from optional to.mandatory and eliminated reporting.of metropolitan statistical areas and.metropolitan divisions when reporting.reasons for denial credit unions now.have the option of reporting for denial.reasons instead of three credit unions.must report all 48 data points on their.2018 HMDA lar due March 1st 2019 unless.they qualify for a partial exemption.I'll discuss partial exemption.requirements later in the presentation.the data points required to be reported.under the 2015 final rule are grouped.into four broad categories information.about applicants borrowers and the.underwriting process such as age credit.score debt to income ratio and automated.underwriting system results information.about the property securing the loan.such as construction method property.value and additional information about.manufactured and multi-family housing.information about the features of the.loan such as additional pricing.information loan term interest rate.introductory rate period non amortized.and the type of loan and certain unique.identifiers such as a universal loan.identifier property address loan.originator identifier and a legal entity.identifier for the financial institution.the next five slides lists all of the.HMDA data points within the four.categories information about applicants.borrowers and the underwriting process.include the following data points.applicant ethnicity race and sex.applicant age.applicant income applicant debt to.income ratio and credit score the name.of the automated underwriting system.used to evaluate the application if any.the application channel indicating.whether or not the application was.submitted to the credit union directly.the reason or reasons for denial if the.application was denied the application.date and whether the transaction.involved a pre-approval request.information about the property securing.the loan includes the following data.points property location by state county.and census tract lien status value of.the property relied on that secures the.loan combined loan-to-value ratio.whether the dwelling is site built or a.manufactured home if a manufactured home.whether the loan is secured by a.manufactured home and land or a.manufactured home and not land.information about the applicants or.borrowers ownership or leasehold.interest in the land where the.manufactured home is located number of.individual individual dwelling units.related to the property number of.individual dwelling units related to the.property that our income restricted.under federal state or local affordable.housing programs and whether the.property will be used as a principal.residence second residence or investment.property this is the first.of two slides discussing loan features.reportable loan features include loan.type that is whether the loan or.application is insured by the FHA or.guaranteed by the VA Rural Housing.service or Farm Service Agency whether.the transaction is for home purchase.home improvement refinancing a shout.refinancing or another purpose the loan.amount action taken an action taken date.type of purchaser if any rate spread the.difference between the annual percentage.rate and average prime offer rate for a.comparable transaction whether the loan.is a high-cost mortgage under the home.ownership and equity Protection Act the.total loan costs or total points and.fees charged and total borrower paid.origination charges reportable loan.features also include points paid to the.credit union to reduce the interest rate.amount of lender credits interest rate.on the approved application or loan term.in months of any prepayment penalty.number of months after which the legal.obligation will mature or terminate.number of months until the first date.the interest rate may change whether the.transaction involves a balloon payment.interest only interest-only payments.negative amortization or any other type.of non amortized.whether the transaction is for a reverse.mortgage whether the transaction is for.an open end line of credit and whether.the transaction is primarily for a.business or commercial purpose finally.some.HMDA data points provide identifying.information about the application or.loan the legal entity identifier is an.identifier issued to the financial.institution by a utility endorsed by the.global le I foundation or le I.regulatory oversight committee the.universal loan identifier is an.identifier assigned to identify and.retrieve a loan or application the.physical address of the property.securing the loan and the national.mortgage licensing system and registry.identifier for the mortgage loan.originator on May 24th 2018 the.President signed the economic growth'.regulatory relief and Consumer.Protection Act into law it is sometimes.referred to by its bill number s 21:55.section 104 a of s 21:55 amend section.304 I of HMDA by adding partial.exemptions from hum does requirements.for certain insured credit unions new.HMDA section 304 i1 added by s 21:55.provides that the requirements of HMDA.sections 304 B 5 and 6 shall not apply.with respect to closed in mortgage loans.of an insured credit union if it.originated fewer than 500 closed in.mortgage loans in each of the two.preceding calendar years.similarly new Honda section 304 i2.provides that the requirements of HMDA.section 304 B 5 and 6 shall not apply.with respect to open the in lines of.credit of an insured credit union.if it originated fewer than 500 opened.in lines of credit in each of the two.preceding calendar years the bureau.issued an in interpretive and procedural.rule on August 31st 2018 becoming.effective September 7th 2018 the rule.clarifies and implements changes made to.Honda and Regulation C by s 21:55 the.interpretive rule clarifies that only.closed in mortgage loans and opened in.lines of credit that are otherwise.reportable under Regulation C out toward.the thresholds for the partial.exemptions named in s 21:55 permits the.use of a unique non-universal loan.identifier for certain partially exempt.transactions and includes parameters on.what constitutes an allowable non.universal loan identifier clarifies that.insured credit unions qualifying for a.partial exemption may optionally report.exempt data points so long as they.report all data fields that the data.point comprises the rule identifies the.seven data points that contain multiple.data fields and includes a table.identifying the 26 data points in.regulation C covered by the partial.exemptions named in s21 55 NCUA's Office.of Consumer Financial Protection.issued Consumer Financial Protection.update 18-0 1 dated September 10th 2018.discussing key provisions of the rule.for purposes of the partial exemptions.the interpretive rule clarifies that.closed-in mortgage loan and open the in.line of credit mean only those loans or.lines of credit secured by a dwelling.that would otherwise be reportable under.HMDA credit unions may use either a.universal loan identifier or non.Universal loan identifier for.applications and loans qualifying for a.partial exemption a universal loan.identifier is defined in HMDA a non.Universal loan identifier may be.comprised of up to 22 characters to.identify the covered loan or application.which may be letters numerals or a.combination of letters and numerals must.be unique within the insured depository.institution or insured credit union and.must not include any information that.could be used to directly identify the.applicant or borrower an insured.depository institution or insured credit.union as the option to voluntarily.report exempt data points or.transactions that qualify for a partial.exemption however an insured depository.institution or insured credit union that.opts to voluntarily report an exempt.data point must report report all data.fields that the specific data point.comprises there are.of 26 data points covered under the.partial exemption this slide lists the.first 13 data points that credit unions.do not have to collect and report if the.credit union is exempt the exempt data.points are universal loan identifiers.property address rate spread credit.score mandatorily reported reasons for.denial total loan costs or total points.and fees origination charges discount.points lender credits interest rate.prepayment penalty term debt to income.ratio combined loan-to-value ratio the.remaining 13 data points which are.exempted are loan term introductory rate.period non amortize infuse property.value manufactured home secured property.type manufactured home land property.interest multifamily affordable units.application channel mortgage loan.originator identifiers automated.underwriting system reverse mortgage.flag opened in line of credit flag and.business or commercial purpose flag this.slide provide.partial exemption examples as we go.through these keep in mind that credit.unions do not have to collect and report.the twenty six data points subject to.the partial exemption or the current.reporting year if they did not originate.at least 500 closed-in mortgages in each.of the prior two years the same partial.exemption applies to open the in lines.of credit if they did not originate at.least 500 open the in lines of credit in.each of the prior two years in example a.the credit union originated at least 500.closed in mortgage loans and at least.500 opened in lines of credit in each of.the prior two years the credit union.does not qualify for a partial exemption.for either loan type it must collect and.report all data points including the 26.data points covered under the partial.exemption for both closed-in mortgages.and opened in lines of credit in example.B the credit union originated at least.500 opened in lines of credit in each of.the prior two years but did not.originate at least 500 closed in.mortgages mortgage loans in each of the.prior two years the partial exemption.applies only to closed in mortgage loans.the credit union is required to report.HMDA data for closed in mortgage loans.because it originated 25 or more in the.two preceding calendar years but it is.exempt from reporting the 26 data points.covered under the partial exemption for.closing mortgage loans the credit union.collects and reports all data points.including the 26 data points covered.under the partial exemption or open the.n lines of credit in.sample see both loan types are covered.by the partial exemption the credit.union is exempt from reporting the 26.data points covered under the partial.exemption foreclosed in mortgage loans.and opened in lines of credit the credit.union will report from the data for.closed in mortgage loans because it.originated 25 or more in the two.preceding calendar years the credit.union is not required to report any data.for opened in lines of credit however as.a reminder the bureau temporarily.increased the opened end lines of credit.threshold from 100 to 500 for calendar.years 2018 and 2019 if this example were.given in 2020 the credit union would.still qualify for a partial exemption.for opened in lines of credit but would.be required to report all data points.not covered by the partial exemption.because it originated 100 or more open.in lines of credit in the two preceding.calendar years in example D the credit.union originated at least 500 closed in.mortgage loans in each of the prior two.years but did not originate at least 500.opened in lines of credit over the same.period the partial exemption applies.only to opened in lines of credit the.credit union collects and reports all of.that appoints including the 26 data.points covered under the partial.exemption or closed in mortgage loans as.with example C the credit union is not.required to report any data for opened.in lines of credit but would report data.points not covered by the partial.exemption if this example was given in.2020 or later because opened in lines of.credit exceed 100 annually while this.may seem confusing we have a number of.resources to help you understand.HMDA requirements we provide a list of.those resources at the end of this.presentation.NCUA examiner's are performing limited.reviews of 2018 HMDA loan application.register data during on-site exams at.Federal Credit Union's this year.examiner's review a sample of 10.applications from the Credit Union's.2018 humble are using the testing.spreadsheet provided in Ares and.completes the HMDA Ares questionnaire.the goal of the limited reviews is to.determine if credit unions are making a.good-faith effort to comply with new.Honda rules we are not citing violations.for data collected but not yet filed.based on HMDA reviews that were.completed in 2018 we believe credit.unions are generally making a good-faith.effort to comply with new requirements.some common issues we noted include 1 as.of the exam dates some vendors had not.yet made available platforms to collect.new Honda data fields we believe many.have since corrected this but for the.credit unions who rely on third-party.vendors to collect record or report HMDA.data which is the majority of you you.should be working with your vendors now.to ensure a smooth 2018 reporting cycle.2 examiner's noted several instances.where data was not mapped correctly.between loan and HMDA platforms credit.unions should be test checking the.accuracy of map data 3.regulation C requires financial.institutions to record HMDA data on a.loan application register within 30.calendar days after the end of the.calendar quarter in which final action.is taken such as origination or denial.some credit unions are not complying.with regulation C's quarterly recording.requirement and finally for we were.unable to conclude anything about the.types of individual errors noted other.than to say that they seem to be.randomly dispersed credit unions did not.appear to be having difficulty with any.particular data field or fields that.concludes my portion of today's webinar.I will now turn it over to Al Brantley.to provide a legislative update.thank you Matt I'm al Brantley program.officer in the Office of Consumer.Financial Protection Division of.consumer compliance policy and outreach.grace and I will now cover the changes s.21:55 made to various consumer financial.protection laws the section numbers on.the slides refer to this section of s.21:55 where the change is found you.should refer to s 21:55 itself to see.which part of an existing law the.section amends we provide a link to s.21:55 in the reference section of the.presentation in addition to HMDA s 21:55.amended several other mortgage rules.providing regulatory relief or.exemptions for eligible credit unions we.will focus on four sections of s 21:55.addressing mortgage rules with consumer.compliance implications the provisions.in three of these sections have been in.effect since May 24th 2018 one section.however requires the bureau.to first issue a conforming regulation.this slide lists topics covered by the.four sections.section 101 amends the Truth in Lending.Act to create a new safe harbor category.of qualified mortgage or QM loans or.originate our obligations held in.portfolio by the originator this.provision is limited to ensure.depositories including credit unions.with less than 10 billion and assets to.be eligible and insured credit union.must consider and document a borrower's.debts income and other financial.resources and the loan would satisfy.certain product feature restrictions.assessment of the borrower's ability to.repay the loan is less prescriptive than.the small credit or QM the qualifier for.this new safe harbor category insured.credit unions are not required to follow.appendix q of Regulation Z this.provision allows for multiple methods of.documentation of borrower's debts income.and other resources the loan will.satisfy fewer products feature.restrictions compared to the small.creditor QM applicable requirements.include points and fees limits no.negative amortization no interest only.terms and prepayment penalty limits.remember federal credit unions are.prohibited from imposing a pre panel.prepayment penalty although safe harbor.is intended to apply to loans held in.portfolio it remains available under.limited circumstances if the loan is.sold a signed or transferred these.circumstances include I transfer.resulting from failure or merger of the.insured credit union a transfer to an.insured depository institution with less.than 10 billion in assets and retained.in portfolio by the transferee.institution or a transfer to a wholly.owned subsidiary of the insured credit.union and the loan is considered an.asset of the credit union for regulatory.accounting purposes this slide can.the small creditor QM to the section 101.provisions section 101 allows larger.credit unions to use the portfolio.compliance category the asset cap of ten.billion dollars as opposed to the two.billion asset cap for the small creditor.of QM this new QM category is available.only to insured banks and credit unions.non depository institutions or lenders.are excluded notably the section 101.safe harbor has more restrictive.portfolio requirements requiring credit.unions to hold the loan in portfolio.generally for the life of the loan.rather than for just three years however.the section 101 safe harbor has more.relaxed loan criteria insured credit.unions must comply with some product.feature restrictions but those.restrictions are less stringent than.under the small creditor or portfolio QM.category.additionally section 101 relaxes.underwriting criteria requiring credit.unions to consider and document a.borrower's debts income and other.financial resources in accordance with.less prescriptive guidance then is.required under the other QM category.section 103 amends title 11 of the.financial institutions reform recovery.and Enforcement Act or Faria Korea.requires NCUA and other federal banking.agencies to prescribe appropriate.standards the real estate appraisals.covering agency approved and regulated.financial transactions and describing.when the services an appraiser is.required interagency appraisal and.evaluation guidelines were jointly.issued on December 2nd 2010 NCUA issued.a proposed rule on October 3rd 2018 to.amend the agency's real estate.appraisals regulation in conformity with.the faria amendment and to accomplish a.few other objectives comments are due by.December 3rd 2018.the Faria amendment imposes the.transaction value threshold and certain.criteria to exempt real estate.transactions in rural areas from.appraisal requirements mortgages under.$400,000 may be exempt from appraisal.requirements when a licensed or.certified appraiser cannot be found in a.timely manner to take advantage of the.exemption the credit union originating.the mortgage must contact at least three.appraisers from its approved list.document that none of the contacted.appraisers is available within five.business days beyond reasonable fee and.timeliness standards and be subject to.oversight by NCUA notably the exemption.does not apply to high-cost mortgage.loans also known as Hawaii loans as.defined in the Truth in Lending Act if a.qualifying loan is sold or transferred.the exemption is unavailable except in.limited circumstances those include a.transfer due to failure or merger of the.mortgage originator transfer to another.federally regulated entity and retained.in portfolio or transfer to a wholly.owned subsidiary and reported as an.asset of the mortgage originator NCUA.retains authority to require an.appraisal for safety and soundness.concerns a credit union making a.mortgage loan without an appraisal may.be limited in its ability to sell that.obligation overall the section 103.waiver provision reduces a regulatory.hurdle for credit unions in rural areas.where state license or state certified.appraisers or sometimes difficult to.find or unable to complete an appraisal.in a reasonable amount of time to close.on a mortgage section 108 amends the.Truth in Lending Act and adds new.criteria for a consumer credit.transaction secured by our principal.dwelling could be exempt from escrow.requirements the provisions are not.effective until the bureau issues or.conforming regulation.the changes establish a broad exemption.from some escrow requirements with.different criteria than the previous.exemption under s 21:55 credit unions.with assets of 10 billion or less that.together with their affiliates.originated 1,000 or fewer firstly.mortgages during the preceding calendar.year may qualify under the bureau's.existing escrow rule exemptions are.provided for credit unions that have.less than two billion in total assets.and extend two thousand or fewer.mortgages other restrictions also apply.section 108 imposes three additional.requirements for eligibility the credit.union extended a consumer loan secured.by a dwelling in a rural or underserved.area in the last or previous two years.depending on one in the year the subject.loan is made the credit union generally.does not establish and maintain escrow.accounts and add consummation the loan.is not subject to a commitment be.acquired by our person who is ineligible.for the same exemption the bureau's fall.2018 rulemaking agenda includes a future.rulemaking project to implement the new.criteria for exempting mortgage escrow.requirements at this point however the.bureau has not indicated when it plans.to roll out a proposed rule by no later.than the spring 2019 agenda the borough.expects to issue a more comprehensive.statement of its priorities under the.tred rule.with certain changes to the closing.disclosure require a new three-day.waiting period before consummation any.change to a loan product type addition.of a prepayment penalty though not.allowed by federal credit unions or if.the APR becomes inaccurate as defined by.regulation section 109 amends the Truth.in Lending Act and removes three-day.waiting period required under the.tila-respa integrated disclosure rule.when a creditor extends a second offer.of credit secured by real property with.a lower annual percentage rate this.provision applies only to high-cost.mortgage loans as defied in Tila section.109 eliminates the three-day waiting.period between a consumer receiving a.closing disclosure and closing on a loan.if the consumer received a corrected.closing disclosure that includes a lower.APR than was offered in the previous.disclosure note that the three-day.waiting period is only the one required.when a corrected closing disclosure is.issued this does not effect the.three-day waiting period for rescission.otherwise required by Tila again this.waiver provision only applies to.high-cost mortgage loans now I will.yield the mic to Grace who will discuss.specific consumer protection amendments.and s 21:55 thank you well before I.proceed I would like to remind.participants that if you have a question.you would like to ask us now please.submit them in the ask a question box s.21:55 provides consumers and veterans.with additional credit protections.section 303 protects credit unions and.certain credit union employees from.liability in any civil or administrative.proceeding in situations where those.employees make a report about the.potential exploitation of a senior.citizen to a governmental agency so long.as the credit union has provided.training and the report is made in good.faith.and with reasonable care nothing in this.provision limits the liability of an.individual or a covered financial.institution in a civil action for any.act omission or fraud that is not a.disclosure described in this law the.covered credit union employees include.compliance and legal personnel and.supervisors as well as registered.representatives.investment advisors and insurance.producers covered employees on our.credit union employers received immunity.from civil or administrative proceedings.for the disclosure section 303 also.provides guidance regarding the content.IMing and record maintenance.requirements of such training title 6 of.s21 55 also provides additional consumer.protections related to student loans.section 601 amends Tila there prohibit.financial institutions including credit.unions from accelerating private student.loan debt solely on the basis of.bankruptcy or death of a cosigner the.term cosigner is defined to mean any.individual who is liable for someone.else's obligations without compensation.regardless of how such individual is.designated in the contract for that.obligation and any person whose.signature is requested as a condition of.granting credit or for bearing on.collection please note that the.following individuals are not deemed.co-signers 1 the spouse of an individual.who is deemed a cosigner because he or.she is liable for someone else's.obligation without compensation.if the spouse's signature is needed to.perfect the security interest in alone.and to an individual who is liable for a.private student loan made to consolidate.pre-existing student loans section.xl1 provides that the holder of a.private education loan must release a.cosigner from his or her obligation upon.the death of the student obligor and.provide notification to the cosigner.within a reasonable time of release.section 601 also requires a lender.provide a student borrower with the.option to designate to have the legal.authority with the option to designate a.person to have the legal authority to.act on the students behalf with respect.to the loan in case of his or her death.the amendments applied to private.education loans entered into on or after.November 20th 2018 section 602 amends.the Fair Credit Reporting Act by.allowing a consumer to request that a.financial institution remove a reported.default on a private education loan from.his or her credit report if the.financial institution offers and the.borrower successfully completes a loan.rehabilitation program designed by the.institution the consumer may request the.removal of a reported default only once.per loan government accounting office.must also in consultation with the.federal banking regulators induct and.submit a study to Congress regarding the.costs associated with implementing this.new provision and the effects of the.provision on the accuracy of credit.reporting title 3 as s 21:55 provides.specific credit protections to veterans.and active military personnel section.302 amends vikre by requiring the.exclusion from credit reports of certain.medical in a certain medical debt.incurred by a veteran Section 302.defines veterans medical debt as debt of.a veteran Oh to a health care provider.or other than this.other than the Department of Veterans.Affairs or VA and submitted to the VA.for health care payments authorized by.the VA it includes medical collection.debt that the VA has wrongfully charged.the veteran Section 302 prohibits the.inclusion of a veteran's medical debt on.credit reports were one year after the.provision of medical services and also.requires that any debt previously.characterized as delinquent charged off.or in collection be removed when the.debt has been fully paid or settled.Section 302 requires the VA secretary to.create a verification database to allow.CRA s to confirm whether that furnish to.them is a veteran's medical debt and to.verify a veteran's medical debt Section.302 also requires CRA s to provide free.electronic credit monitoring active duty.members of the military and members of.the National Guard sections 309 and 313.provide veterans with protections.against foreclosures section 309 adds.protections for veterans who refinance.their purchase or construction home.loans under Section 309 the VA will not.guarantee or ensure the refinancing of a.loan to purchase or construct a home.unless the insurer provides a.certification of the recoupment period.for expenses incurred by the borrower in.refinancing the loan further all costs.and fees must be recouped within 36.months of the loan issuance and the.recoupment must occur through lower.monthly payments due to the refinancing.in addition the insurer must provide the.veteran with a net tangible benefit test.and abide by certain rules regarding the.required minimum reduction in the.interest rate on the refinanced loan.section 309 also requires the VA to.issue.a report on cash out refinances by May.24th 2019 section 313 makes permanent an.amendment to the Servicemembers Civil.Relief Act that allows for a stay of.foreclosure sale or seizure proceedings.for a service member for any action.filed during or within one year of the.service members period of service the.effective date of section 313 was May.24th 2018 title 3 of S 21:55 also.provides consumers with credit.protections section 301 amends vikre to.require CRA s-21 allow consumers.including minors and incapacitated.persons acting through their.representatives the place or remove a.security freeze on their credit report.free of charge and to notify consumers.of their right to a security freeze.section 301 also extends the time for.initial fraud alert from ninety days to.one year further the Federal Trade.Commission must maintain a central.webpage linking each credit bureaus.webpage for you or requesting a freeze.or fraud alert or to opt out of.information sharing for marketing.purposes the effective date for section.301 was September 21st 2018 section 603.requires the US Treasury Department's.financial literacy and Education.Commission solicit public comment and.obtain input from relevant parties to.establish best practices for.institutions of higher education.including methods to teach financial.literacy skills and to ensure that.students are well informed of their.total borrowing obligations within one.year from the date of enactment these.practices must include ways to.communicate to students the importance.of graduating on their ability to repay.student loans and methods to ensure that.they understand their borrowing.obligations.however institutions of higher education.would not be required to adopt these.best practices s 21:55 also provides.additional consumer protections because.of time constraints we cannot discuss.them all but we list them on this slide.we recommend that you go to s 21:55 to.review these provisions the next two.slides list under references the next.four slides list some of the references.associated with s 21:55.on October 17 2018 the bureau's fall.2018 unified agenda was published in it.the Bureau addresses which is s 21:55 s.provisions do not require Bureau.rulemaking to take effect.for examples sections 101 104 106 107.301 and 601 even though Bureau.rulemaking is not required for these.provisions to take effect Bureau has.noted in a unified agenda that notice.and comment rulemaking may be helpful to.better implement or clarify these.provisions unified agenda also notes.those provisions in s 21:55 requiring.Bureau rulemaking in today's webinar we.discussed the changes made to HMDA in.regulation C data collection and.reporting requirements made by the.dodd-frank act and the bureau as well as.the recent changes to HMDA and.regulation C regarding exemptions.allowed for collection and reporting a.certain data points we also discussed.the 2018 changes the various consumer.financial protection laws from s 21:55.again if you have any questions you.would like to ask us now please submit.them and ask a question box if you have.questions you want to submit to us after.the webinar please feel free to email us.at the address provided on this slide.it's now time to answer some of your.questions.we'll first go.questions we received prior to today's.broadcast and we.one question about member business loans.and specifically I heard that s 21:55.made a change to member business loans.is that right I'll answer this question.and yes section 105 of s 21:55 excludes.from the statutory definition of member.business loan an extension of credit.fully secured by lien on a 1 to 4 family.dwelling that is not the primary.residence of a member this means that.loans for those properties not count.against the cap imposed on each.federally insured credit union by the.FCU act previously only loans secured by.1 to 4 family dwelling that is the.members primary residence were excluded.this change was reflected in the NCUA's.rules and regulation through a notation.vote on May 30th 2018 we also received a.couple of questions about NCUA's 2018.and 2019 hundred reviews and I'll ask.Matt to answer both of these questions.so the first question last year.NCUA issued guidance on the new SSI see.uniform under resubmission guidelines.which you did not discuss in today's.webinar are these exempt EU examiner's.using these procedures for the 2018.hundred reviews you are performing.thanks grace.yeah NCUA did issue a letter to credit.unions in August 2017 I believe it's.letter 17 cuo 4 which addresses hungary.submission guidelines that we at NCUA.and our sister agencies so that would be.the FRB OCC FDIC and B CFP we'll use.when we test HMDA accuracy in the.regular in our regulated institutions.we are not using these formal testing.procedures or the HMDA reviews that we.are completing this year which are the.ones that we discussed in today's.webinar the procedures discussed in.letter 17 cuo 4 require correction and.resubmission of a credit unions HMDA lar.when NCUA examiner's following formal.testing procedures observe error rates.that exceed specified thresholds the.reviews discussed in today's webinar are.informal HMDA reviews in other words.they're not using statistical sampling.tables and the reviews this year are.intended to provide credit unions with.constructive feedback before they file.their 2018 HMDA lars in 2019 however we.do encourage credit unions to.familiarize themselves with the letter.since the procedures discussed could.result in NCUA requiring a credit union.the correct and resubmitted somedll are.normally during a fair lending.examination the procedures discussed in.that letter are not widely used outside.of our fair lending examination program.thanks Matt the other question had to do.with whether NCUA examiner's are.performing Hunza reviews in 2019 we are.currently in the process of finalizing.2019 examination priorities Honda will.likely be included but I can't say more.at this time until we actually finalized.the the program.definitive all of the all of the issues.contained within.thanks again that um al we got a couple.of questions about QMS the first.question is if a credit union meets all.of the section 101 provisions for QM.relief what is a credit union need to do.to determine ability to repay in order.to reduce potential liability okay so.under the change and we're talking about.section 101 of s21 55 the credit union.must consider the borrower's debts.income and other financial resources if.you recall back in 2013 the bureau.issued the ability to repay or ATR rule.and this is this rule implemented the.dodd-frank act requirement of looking at.the borrower's ability to repay the loan.so accredit Emma still verify well under.that rule the credit you must verify and.document that at the time of the.mortgage when it's made at the time it's.made the borrower has the ability to.repay the loan so a credit union then.can comply with the ATR requirement by.originating a qualified mortgage or QM.section 101 merely creates a new safe.harbor category of QM loans but allowing.multiple or multiple methods of.documenting the Barros ATR though the.ability-to-repay is still a requirement.so therefore all QM loans are presumed.to have complied with the ATR.requirement thereby reducing the credit.unions potential legal liability or its.residential mortgage lending activities.Thank You L and the next question asks.our credit union has 8 billion in assets.and we are in the process of requiring.it banks residential mortgage portfolio.through a business combination in those.loans be treated as QMS if the banks.Sloane's meet the section 101 conditions.for QM relief as we discussed in the.presentation the safe harbor remains.available to the acquiring credit union.when legal title to a residential.mortgage loan is transferred as a result.of a merger to apply the safe harbor.however such loans must be held in.portfolio of the acquiring credit union.thanks again Al and Matt I have another.HMDA question for you that not only was.provided to us prior to the webcast but.we also have a number of credit unions.asking the same questions through the.ask a question box and it basically.they're basically asking is the current.HMDA volume threshold for open-end lines.of credit 500 Annalee and will this.change to 100 annually in 2020 yes.currently both the volume threshold for.reporting opened in lines of credit and.the partial exemption volume threshold.is 500 opened in lines of credit in each.of the two preceding calendar years the.2015 HMDA final rule set the.institutional coverage volume threshold.at 100 opened in lines of credit but in.2017 the bureau finalized a rule that.temporarily increased the openden.threshold to 500 for calendar years 2018.and 2019 in doing so the bureau.indicated that the 2-year period would.allow time for the bureau to decide.through an additional rulemaking whether.any permanent adjustments to the open.den threshold are needed so it is.possible that before 2020 the bureau.will make permanent the temporary volume.threshold.five hundred or they could make.permanent a different threshold but with.no further action from the bureau.the institutional coverage volume.threshold will revert to 100 in 2020.thank you Matt and some of the questions.that have been submitted to be asked a.question box involved hum dose so I'll.be asking Matt to answer a few of these.the first question asked.so until our financial institution.completes 30 mortgages in the prior two.years we no longer have to file under.regardless of asset size for example if.we fund 35 mortgages this year and next.we filed HMDA in 2021 the the.institutional coverage criteria or.closed in mortgage loans is is set at 25.so if a credit union originates 25.closed in mortgage loans in each of the.two preceding calendar years and they.meet the other coverage criteria such as.having a home or branch office in an MSA.and having total assets of at least 45.million then they are still required to.file a hum to report and one thing.that's somewhat confusing with the.discussion that we've introduced with.the partial exemptions is what we talked.about with the partial exemptions that.that's separate from whether a credit.union has to complete.a honda report whether our credit union.has to complete a honda report would be.determined based on the institutional.coverage criteria whether a credit union.is exempt from reporting the 26 data.points that we talked about today that's.defined by the via threshold the 500 or.more in the prior two calendar years.threshold for both closed-in mortgages.and opening lines of credit.thank you Matt speaking about the 26.data points we have another question.asking if we are personally if we are.partially exempt for Honda are we.allowed to not report the 26 data points.for all of 2018 yes that that is correct.so the s 21:55 was passed during the.middle of the year or actually it was.passed in the in the latter half of this.year but it applies it applies to the.entire calendar year so if if a credit.union qualifies for a partial exemption.then that partial exemption applies to.all loans and applications where action.was taken in 2018 not just those that.occurred after implementation of the.wall.thank you Matt another question has to.do with filing orderly law and so the.question asks I may have misunderstood.but did the speakers say that financial.institutions are to file our information.quarterly no there there is an annual.filing require.what the regulation requires is that.large information that occur occurred.during a particular calendar quarter.must be recorded on a lar within 30 days.after a quarter in so in effect a credit.union is required to be updating their.lar quarterly even though they only file.once per year.thank you Matt I think we have time for.one more question it deals with MSAs and.the question asks our credit union has a.branch in an MSA that we do not qualify.for any exemptions correct yes so again.we we have to make a distinction between.institutional coverage and qualifying.for a partial exemption the the two are.separate and they have different.coverage criteria the whether a credit.union as a branch or home off is located.in an MSA is part of the criteria to.determine whether or not a credit union.has to file a HMDA lar it's it's.separate from whether they qualify for.an exemption so if a credit union has a.branch in an MSA has no bearing on.whether or not they qualify for an.exemption thank you very much Matt and.again if you have any questions you.would like to ask our office please feel.free to email us at.the address listed on slide 57 thank you.Joe mad canal and thank you everyone for.attending today's webinar we'll talk to.you credit unions again soon goodbye.

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