WASHINGTON - The Federal Reserve Board has set a March 9 deadline for comments on the proposed revisions to the regulation that implements the Home Mortgage Disclosure Act.
The changes proposed for Regulation C are intended to enhance understanding of the home mortgage market, particularly the subprime market, and to aid analysis of fair-lending practices, according to the board.
Lenders would have to report: home-equity lines of credit, which is currently optional; certain applications for credit received through pre-approval programs; the annual percentage rate of each loan; and whether the loans involve manufactured homes.
Other proposals would simplify the definitions of "refinancing" and "home improvement loan" to generate more consistent and accurate data, and would expand coverage of nondepository lenders by adding a dollar-volume threshold of $50 million to the current loan-percentage test.
The HMDA requires depository and certain for-profit nondepository institutions to collect and disclose data about applications for, and originations and purchases of, home mortgage and home improvement loans.
Data reported include the type, purpose and amount of the loan; the race or national origin, gender, and income of the loan applicant; and the location of the property.