A financial institution complies by reporting the dollar amount of the income in thousands, rounded to the nearest thousand ($500 rounds up to the next $1,000). (2) A utility endorsed or otherwise governed by the Global LEI Foundation (GLEIF) (or any successor of the GLEIF) after the GLEIF assumes operational governance of the global LEI system. The Bureau publishes tables of current and historic average prime offer rates by transaction type on the FFIEC's Web site (http://www.ffiec.gov/hmda) and the Bureau's Web site (https://www.consumerfinance.gov). For example, 100 N Main ST Apt 1. ii.

For example, if a file is closed for incompleteness and is so reported in accordance with 1003.4(a)(8), the financial institution complies with 1003.4(a)(15) by reporting that the requirement is not applicable, even if the financial institution had obtained or created a credit score for the applicant or co-applicant.

For example, three apartment buildings, each with a different street address, comprise a single multifamily dwelling that secures a covered loan. 5. For example, if a financial institution receives an application on November 15, 2017, collects the applicant's ethnicity, race, and sex in accordance with the instructions in effect on that date, and takes final action on the application on January 5, 2018, the financial institution has complied with the requirements of 1003.4(a)(10)(i) and (b), even though those instructions changed after the information was collected but before the date of final action. The requirements of 1003.4(a)(12)(i) refer to the covered loan's annual percentage rate.

When a financial institution uses one or more automated underwriting systems (AUS) to evaluate the application and the system or systems generate two or more results, the financial institution complies with 1003.4(a)(35) by reporting, except for purchased covered loans, the name of the AUS used by the financial institution to evaluate the application and the result generated by that AUS as determined by the following principles. 7. 1. 1. On the other hand, if the applicant is a natural person, and is the beneficiary of a trust, a financial institution reports the applicant's age.

Section 1003.4(a)(3) requires a financial institution to report the purpose of a covered loan or application. (iv) Any other contractual term that would allow for payments other than fully amortizing payments, as defined in Regulation Z, 12 CFR 1026.43(b)(2), during the loan term, other than the contractual terms described in this paragraph (a)(27)(i), (ii), and (iii). Financial Institution A reports the loan as an origination. For an application or covered loan secured by a manufactured home community, the financial institution should include in the number of individual dwelling units the total number of manufactured home sites that secure the loan and are available for occupancy, regardless of whether the sites are currently occupied or have manufactured homes currently attached.

3. 1. (3) Whether the covered loan is, or the application is for, a home purchase loan, a home improvement loan, a refinancing, a cash-out refinancing, or for a purpose other than home purchase, home improvement, refinancing, or cash-out refinancing.

(20) For covered loans subject to the disclosure requirements in Regulation Z, 12 CFR 1026.19(f), the amount of lender credits, as disclosed pursuant to Regulation Z, 12 CFR 1026.38(h)(3).

Similarly, under the Fair Housing Act, there are design and construction requirements for covered properties irrespective of the requirement to provide reasonable modifications. Fixed-rate transactions.

These laws also prohibit housing providers from refusing residency to persons with disabilities, or placing conditions on their residency, because they require reasonable accommodations or modifications.

However, if instead the borrower will locate the manufactured home on land owned by a family member without a written lease and with no agreement as to rent payments, a financial institution complies with 1003.4(a)(30) by reporting an unpaid leasehold. Since Financial Institution B made the credit decision, Financial Institution B reports the application as a denial. Reasonably adapted procedures include attempting to determine with reasonable frequency, such as annually, whether the developer of the electronic tool is a securitizer, Federal government insurer, or Federal government guarantor of closed-end mortgage loans or open-end lines of credit. Actual distributions from retirement accounts or other assets that are relied on by the financial institution as income should be reported as income.

If an application or covered loan did not involve a request for a preapproval of a home purchase loan under a preapproval program as defined by 1003.2(b)(2), a financial institution complies with 1003.4(a)(4) by reporting that the application or covered loan did not involve such a request, regardless of whether the institution has such a program and the applicant did not apply through that program or the institution does not have a preapproval program as defined by 1003.2(b)(2). in Supplement I. For example, if a covered loan is secured by property A, and the proceeds are used to purchase or rehabilitate (or to refinance home purchase or home improvement loans related to) property B, the institution reports the information required by 1003.4(a)(9) for property A and does not report the information required by 1003.4(a)(9) for property B. in Supplement I, 1. A financial institution complies by reporting the two letter State code for the State in which the property is located, using the U.S. ii. For partially exempt transactions under 1003.3(d), an insured depository institution or insured credit union is not required to report the rate spread. 5. Under Section 504, the requirement to make reasonable accommodations applies to any changes that may be necessary to provide equal opportunity to participate in any federally-assisted program or activity. For covered loans or applications subject to the integrated mortgage disclosure requirements of Regulation Z, 12 CFR 1026.19(e) and (f), a financial institution complies with 1003.4(a)(21) by reporting the interest rate disclosed on the applicable disclosure. (9) The following information about the location of the property securing the covered loan or, in the case of an application, proposed to secure the covered loan: 1. i. Scope of requirement. For purposes of complying with 1003.4(a)(11), the term affiliate means any company that controls, is controlled by, or is under common control with, another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. For transactions subject to Regulation C for which no disclosures under Regulation Z are required, a financial institution complies with 1003.4(a)(12)(i) by reporting that the requirement is not applicable. If a financial institution issues a rate-lock commitment under one loan program, the borrower subsequently changes to another program that is subject to different pricing terms, and the financial institution changes the rate promised to the borrower under the rate-lock commitment accordingly, the rate-set date is the date of the program change. (19) For covered loans subject to the disclosure requirements in Regulation Z, 12 CFR 1026.19(f), the points paid to the creditor to reduce the interest rate, expressed in dollars, as described in Regulation Z, 12 CFR 1026.37(f)(1)(i), and disclosed pursuant to Regulation Z, 12 CFR 1026.38(f)(1). 1. in Supplement I. When a covered loan's term to maturity (or, for a variable-rate transaction, the initial fixed-rate period) is not in whole years, the financial institution uses the number of whole years closest to the actual loan term or, if the actual loan term is exactly halfway between two whole years, by using the shorter loan term.

6. Assume the same facts, except that Financial Institution A approved the application, and the applicant chose not to accept the loan from Financial Institution A. Principal residence. Covered loan amount - counteroffer. Application date - reinstated application. A financial institution that uses an AUS, as defined in 1003.4(a)(35)(ii), to evaluate an application, must report the name of the AUS used by the financial institution to evaluate the application and the result generated by that system, regardless of whether the AUS was used in its underwriting process. Section 1003.4(a)(3) requires a financial institution to report whether a covered loan is, or an application is for, a refinancing or a cash-out refinancing.

5. The same rule applies when a rate-lock agreement is extended and the rate is reset at the same rate, regardless of whether market rates have increased, decreased, or remained the same since the initial rate was set. 9. Corrected disclosures. See 1003.3(d) and related commentary. A financial institution may not report an application for a covered loan in 2030 using the same ULI that was reported for a covered loan that was originated in 2020.

A financial institution is required to collect data regarding covered loans it purchases. For example, if a financial institution calculated a combined loan-to-value ratio twice - once according to the financial institution's own requirements and once according to the requirements of a secondary market investor - and the financial institution relied on the combined loan-to-value ratio calculated according to the secondary market investor's requirements in making the credit decision, 1003.4(a)(24) requires the financial institution to report the combined loan-to-value ratio calculated according to the requirements of the secondary market investor. See interpretation of Paragraph 4(a)(14) Section 1003.4(a)(1)(ii) requires that, in reporting the date of application, a financial institution report the date it received the application, as defined under 1003.2(b), or the date shown on the application form. However, a financial institution may not use a ULI previously reported if it reinstates or reconsiders an application that was reported in a prior calendar year. See 1003.3(d) and related commentary. 2.

5. If an applicant contacted and completed an application with a broker or correspondent that forwarded the application to a financial institution for approval, an application was not submitted to the financial institution.

Purchased loans. If a covered loan or application includes a schedule with repayment periods measured in a unit of time other than months, the financial institution should report the covered loan or application term using an equivalent number of whole months without regard for any remainder.

The property used in the combined loan-to-value ratio calculation does not need to be the property identified in 1003.4(a)(9) and may include more than one property and non-real property. Except for partially exempt transactions under 1003.3(d), 1003.4(a)(33)(ii) requires financial institutions to report whether the obligation arising from a covered loan was or, in the case of an application, would have been initially payable to the institution.

Financial Institution A reports the action taken on the application. Thus, financial institutions may rely on the title search they routinely perform as part of their underwriting procedures - for example, for home purchase loans. For example, if a financial institution that submits an annual loan/application register pursuant to 1003.5(a)(1)(i) (Institution A) originates a covered loan that is purchased by a financial institution that submits a quarterly loan/application register pursuant to 1003.5(a)(1)(ii) (Institution B) and Institution A assigned a ULI to the loan, then unless the purchase is a partially exempt transaction Institution B must report the ULI that was assigned by Institution A on Institution Bs quarterly loan/application register pursuant to 1003.5(a)(1)(ii), even though Institution A has not yet submitted its annual loan/application register pursuant to 1003.5(a)(1)(i). For applications, including requests for a preapproval, that are denied or for files closed for incompleteness, the financial institution reports either the date the action was taken or the date the notice was sent to the applicant. General.

Type of purchaser - swapped covered loans. 1. Type of purchaser - loan-participation interests sold to more than one entity. General. (7) The amount of the covered loan or the amount applied for, as applicable. See interpretation of Paragraph 4(a)(18)

Purchased covered loans. ii.

The tables of average prime offer rates published by the Bureau (see comment 4(a)(12)-2) provide additional detail about how to identify the comparable transaction. The interpretation of income in this paragraph does not affect 1003.4(a)(23), which requires, except for purchased covered loans, the collection of the ratio of the applicant's or borrower's total monthly debt to the total monthly income relied on in making the credit decision. Under the Fair Housing Act, a reasonable modification is a structural change made to existing premises, occupied or to be occupied by a person with a disability, in order to afford such person full enjoyment of the premises. Multiple properties.

Similar to and based upon the Section 504 reasonable accommodation requirement, Titles II and III of the ADA require public entities and public accommodations to make reasonable modifications to policies, practices, or procedures to avoid discrimination. Based on their previous transactions a financial institution is aware that the developer of the electronic tool it is using to evaluate an application has securitized a closed-end mortgage loan or open-end line of credit in the past. iii. The provision of a corrected disclosure does not affect how a financial institution determines the rate-set date.

See comment 4(a)(8)(i)-13. The relevant date to use to determine the average prime offer rate for a comparable transaction is the date on which the interest rate was set by the financial institution for the final time before final action is taken (i.e., the application was approved but not accepted or the covered loan was originated). For partially exempt transactions under 1003.3(d), an insured depository institution or insured credit union is not required to report the information specified in 1003.4(a)(29). Manufactured home. i. Off-frame modular homes typically have floor construction similar to the construction of other site-built homes, and the construction typically includes wooden floor joists and does not include permanent metal chassis. However, the same principles apply if any of the parties is not a financial institution. in Supplement I, Explore guides to help you plan for big financial goals, Supplement I to Part 1003 - Official Interpretations, Official interpretation of 4(a) Data Format and Itemization, Official interpretation of Paragraph 4(a)(1)(i), Official interpretation of Paragraph 4(a)(1)(ii), Official interpretation of Paragraph 4(a)(2), Official interpretation of Paragraph 4(a)(3), Official interpretation of Paragraph 4(a)(4), Official interpretation of Paragraph 4(a)(5), Official interpretation of Paragraph 4(a)(6), Official interpretation of Paragraph 4(a)(7), Official interpretation of Paragraph 4(a)(8)(i), Official interpretation of Paragraph 4(a)(8)(ii), Official interpretation of Paragraph 4(a)(9), Official interpretation of Paragraph 4(a)(9)(i), Official interpretation of Paragraph 4(a)(9)(ii), Official interpretation of Paragraph 4(a)(9)(ii)(A), Official interpretation of Paragraph 4(a)(9)(ii)(B), Official interpretation of Paragraph 4(a)(9)(ii)(C), Official interpretation of Paragraph 4(a)(10)(i), Official interpretation of Paragraph 4(a)(10)(ii), Official interpretation of Paragraph 4(a)(10)(iii), Official interpretation of Paragraph 4(a)(11), Official interpretation of Paragraph 4(a)(12), Official interpretation of Paragraph 4(a)(13), Official interpretation of Paragraph 4(a)(14), Official interpretation of Paragraph 4(a)(15), Official interpretation of Paragraph 4(a)(16), Official interpretation of Paragraph 4(a)(17)(i), Official interpretation of Paragraph 4(a)(17)(ii), Official interpretation of Paragraph 4(a)(18), Official interpretation of Paragraph 4(a)(19), Official interpretation of Paragraph 4(a)(20), Official interpretation of Paragraph 4(a)(21), Official interpretation of Paragraph 4(a)(22), Official interpretation of Paragraph 4(a)(23), Official interpretation of Paragraph 4(a)(24), Official interpretation of Paragraph 4(a)(25), Official interpretation of Paragraph 4(a)(26), Official interpretation of Paragraph 4(a)(27). A provider has an obligation to provide prompt responses to reasonable accommodation requests. 1. 4. In this example, the financial institution complies with 1003.4(a)(26) by reporting the number of months as 1. The financial institution must report one month for any introductory interest rate period that totals less than one whole month. (33) Except for purchased covered loans, the following information about the application channel of the covered loan or application: 1.

For example, in the case of a financial institution's annual loan/application register submission made pursuant to 1003.5(a)(1), if the financial institution provides a corrected disclosure to the borrower pursuant to Regulation Z, 12 CFR 1026.19(f)(2)(v), that reflects a corrected annual percentage rate, the financial institution reports the difference between the corrected annual percentage rate and the most recently available average prime offer rate that was in effect for a comparable transaction as of the rate-set date if the corrected disclosure was provided to the borrower prior to the end of the calendar year in which final action is taken. Action taken - covered loan purchased. For example, if the debt-to-income ratio was one of multiple factors in a financial institution's credit decision, the financial institution has relied on the debt-to-income ratio and complies with 1003.4(a)(23) by reporting the debt-to-income ratio, even if the financial institution denied the application because one or more underwriting requirements other than the debt-to-income ratio were not satisfied. A financial institution also reports that the requirement is not applicable if the institution originated or purchased a covered loan and did not sell it during that same calendar year. 3. Income data - loan to employee. If an open-end credit plan has a fixed rate but no definite plan length, a financial institution complies with 1003.4(a)(12)(i) by using a 30-year fixed-rate loan as the most closely comparable closed-end transaction. If a file was closed for incompleteness or the application was withdrawn before a credit decision was made, the financial institution complies with 1003.4(a)(28) by reporting that the requirement is not applicable, even if the financial institution had obtained a property value.

The requirement to report the property location information required by 1003.4(a)(9) applies not only to applications and originations but also to purchased covered loans. Loan or application with a fixed rate. If a covered loan is related to more than one property, but only one property is taken as security (or, in the case of an application, proposed to be taken as security), a financial institution reports the information required by 1003.4(a)(9) for the property taken as or proposed to be taken as security. Reason for denial - general. 4.

Covered loan amount - application approved but not accepted or preapproval request approved but not accepted. The following scenarios demonstrate whether an application was submitted directly to the financial institution that is reporting the covered loan or application.

ii.

In addition, a request for a reasonable accommodation or modification may be denied if providing the accommodation or modification would impose an undue financial and administrative burden on the housing provider or it would fundamentally alter the nature of the housing providers program.

in Supplement I. in Supplement I.

A financial institution relies on the ratio of the applicant's or borrower's total monthly debt to total monthly income (debt-to-income ratio) in making the credit decision if the debt-to-income ratio was a factor in the credit decision even if it was not a dispositive factor. 3. (E) For an application that was previously reported with a ULI under this part and that results in an origination during the same calendar year that is reported in a subsequent reporting period pursuant to 1003.5(a)(1)(ii), the financial institution may report the same ULI for the origination that was previously reported for the application.

Corrected disclosures. An undue delay in responding to a reasonable accommodation request may be deemed to be a failure to provide a reasonable accommodation. v. Financial Institution A reviewed an application and made the credit decision to approve a covered loan using the underwriting criteria provided by a third party (e.g., another financial institution, Fannie Mae, or Freddie Mac). Brokered loans. If more than one individual associated with a covered loan or application meets the definition of a mortgage loan originator, as defined in Regulation G, 12 CFR 1007.102, or Regulation H, 12 CFR 1008.23, a financial institution complies with 1003.4(a)(34) by reporting the NMLSR ID of the individual mortgage loan originator with primary responsibility for the transaction as of the date of action taken pursuant to 1003.4(a)(8)(ii). 7. Similarly, if a financial institution obtains a result from an AUS that requires the financial institution to underwrite the loan manually, but the financial institution subsequently processes the application through a different AUS that also generates a result, the financial institution complies with 1003.4(a)(35) by reporting the name of the second AUS that it used to evaluate the application and the AUS result generated by that system. in Supplement I.

If an institution is required to report specific information about the property identified in 1003.4(a)(9), the institution reports the information that relates to the property identified in 1003.4(a)(9) (or, if the transaction is partially exempt under 1003.3(d) and no data are reported pursuant to 1003.4(a)(9), the property that the institution would have identified in 1003.4(a)(9) if the transaction were not partially exempt). (36) Whether the covered loan is, or the application is for, a reverse mortgage.

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