(HMDA) Home Mortgage Disclosure Act
Regulation C- Fair Credit Reporting Act
(FCRA) Regulation V
HMDA - answer The purpose of this chapter is to provide the citizens and public officials
of the United States with sufficient information to enable them to determine whether
financial institutions are filing their obligations to serve the housing needs of the
communities and neighborhoods in which they are located and to assist public officials
int heir determination of the distribution of the public sector investments int he manner
designed to improve the private investment environment
HMDA Thresholds - answer Did the Non depository institution either A) have assets
(when combined with assets of any parent corporation) Exceeding $10 million on the
preceding December 31, or (b) originate 100 or more home purchase loans (Including
refinancing of the home purchase loans) in the preceding calendar year
Transactions to be reported - answer Regulation C defines the kind of transactions that
are covered under the act for reporting purposes The following transactions relate to
loans secured by a dwelling with one to four units.
1) A home purchase
2) A Home improvement loan
3) A Refinance transaction
Items to be reported: - answer1) Application, date received or signed which ever
method is consistently used
2) The loan information, such as type and amount
3) The property, such as location and Type
4) The disposition of the application, such as originated or denied
4) The applicants name identification, ethnicity, race, sex and income
Pre-approval - answerA full review of the applicants credit worthiness, including
verification of income and other verification typically done by the institution as part of a
credit evaluation
Fair Credit Reporting Act Reg V - answerRegulates the practices of consumer reporting
agencies (CRA) that collect and compile consumer information into consumer reports
for use by credit granters, insurance companies, employers, landlords, and other
entities in making eligibility decisions affecting consumers. Information included in
consumer reports generally may includes consumers credit history and payment
, patterns, as well as demographic and identifying information and public record
information. Consumer Report information may be used by entities to predict the risk of
futures non payment, default, or other adverse events
Consumer Reporting Agency (CRA) - answerRegularly engages in the practice of
assembling or evaluations, and maintaining, for the purpose of furnishing consumer
reports to third parties bearing on a consumers credit worthiness, credit standing, or
credit capacity
Credit Score - answerA numerical value or a categorization derived from a statistical
tool or modeling system used by a person who makes or arranges a loan to predict the
likelihood of certain credit behaviors, including default (and the numerical value or the
categorization derived from such analysis may also be referred to as a risk predictor or
risk score.)
Fraud Alert - answerNotice to all users of a consumer report that the consumer may be
a victim of fraud including identity theft
Identity Theft - answerFraud committed using the identifying information of another
person
Victim - answerA consumer whose means of identification or financial information has
been used or transferred (or has been alleged to have been used or transferred) without
the authority of that consumer, with the intent to commit, or to aid or abet, and identity
theft or similar crime
FCRA revision in 1996 - answerIt expanded the duties of CRA's, particularly in regard to
CRA responses to consumers disputes establishing a 30-day time frame for completion
of an investigation, mandating written notice to the consumer of the results of the
investigation within 5 days of its completion
Relationship Between ECOA Adverse Summary and FCRA Adverse Action - answer1)
Under regulations implements the Equal Credit Opportunity Act (ECOA) an adverse
action is a refusal to grand credit in substantially the amount or on the substantially the
same terms requested in an application unless the creditor makes a counter offer and
the applicant expressly accepts the credit offered
2) Under the definition of Adverse action set forth in ECOA and incorporated into the
FCRA where a consumer applies for credit on a particular terms and is offered credit
only on less favorable terms, such as a lower credit limit, or a higher interest rate, based
in whole or in part on information from a consumer report, and the consumer refuses to
accept those terms or use the credit offered, the consumer has suffered an "Adverse
actions"
FACTA - answerFair and Accurate Credit Transaction Act
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