Podcast
Questions and Answers
Which test determines whether a depository financial institution had assets in excess of the asset-size threshold?
Which test determines whether a depository financial institution had assets in excess of the asset-size threshold?
- Asset-Size Threshold Test (correct)
- Location Test
- Federally Related Test
- Loan Activity Test
What determines whether a depository financial institution had a home or branch office located in an MSA?
What determines whether a depository financial institution had a home or branch office located in an MSA?
- Asset-Size Threshold Test
- Location Test (correct)
- Federally Related Test
- Loan Activity Test
What regulation requires a depository financial institution to report mortgage data?
What regulation requires a depository financial institution to report mortgage data?
- Regulation B
- Regulation C (correct)
- Regulation D
- Regulation A
Which type of institutions must meet location and loan-volume threshold tests to be subject to Regulation C reporting?
Which type of institutions must meet location and loan-volume threshold tests to be subject to Regulation C reporting?
What is one of the federally related test criteria for institutions to be subject to Regulation C reporting?
What is one of the federally related test criteria for institutions to be subject to Regulation C reporting?
What does the transactional coverage section of Regulation C outline criteria for?
What does the transactional coverage section of Regulation C outline criteria for?
After merger or acquisition activity, what must the surviving or newly formed institution do to be considered a financial institution under Regulation C?
After merger or acquisition activity, what must the surviving or newly formed institution do to be considered a financial institution under Regulation C?
What types of loans are covered under Regulation C?
What types of loans are covered under Regulation C?
What does the location test for nondepository financial institutions involve?
What does the location test for nondepository financial institutions involve?
What is one of the loan-volume threshold tests required by Regulation C?
What is one of the loan-volume threshold tests required by Regulation C?
What must be determined for transactional coverage under Regulation C?
What must be determined for transactional coverage under Regulation C?
What are covered loans under Regulation C subject to?
What are covered loans under Regulation C subject to?
Which transaction type is not required to be reported under Regulation C?
Which transaction type is not required to be reported under Regulation C?
What defines an open-end line of credit according to 12 CFR 1003.2(o)?
What defines an open-end line of credit according to 12 CFR 1003.2(o)?
What type of transaction is excluded from being reported under Regulation C?
What type of transaction is excluded from being reported under Regulation C?
Which transaction type does not fall under the excluded transactions listed in 12 CFR 1003.3(c)?
Which transaction type does not fall under the excluded transactions listed in 12 CFR 1003.3(c)?
Which type of transaction is exempt from being reported under Regulation C?
Which type of transaction is exempt from being reported under Regulation C?
What defines an extension of credit according to 12 CFR 1003.2(o)?
What defines an extension of credit according to 12 CFR 1003.2(o)?
Which statement regarding excluded transactions under Regulation C is accurate?
Which statement regarding excluded transactions under Regulation C is accurate?
Study Notes
Regulation C Reporting Requirements Summary
- Regulation C requires institutions to determine if they originated home purchase loans or refinancing secured by a first lien on a one-to-four-unit dwelling in the preceding year.
- Federally related test criteria include being federally insured or regulated, or originating a loan insured by a Federal agency or intended for sale to Fannie Mae or Freddie Mac.
- The loan-volume threshold test requires institutions to have originated a certain number of closed-end mortgage loans or open-end lines of credit in the preceding years.
- Nondepository financial institutions must meet location and loan-volume threshold tests to be subject to Regulation C reporting.
- The location test involves having a home or branch office in a Metropolitan Statistical Area (MSA) on the preceding December 31.
- The transactional coverage section outlines criteria for excluding transactions from Regulation C coverage.
- The manual's procedures are similar to those adopted in 2019, with revisions reflecting amendments to Regulation C through a final rule published in 2020.
- After merger or acquisition activity, the surviving or newly formed institution must meet the criteria to be considered a financial institution under Regulation C.
- Transactional coverage involves determining whether a transaction meets the definition of a covered loan and is not excluded under Regulation C.
- Covered loans include closed-end mortgage loans and open-end lines of credit, subject to specific criteria and exclusions outlined in Regulation C.
- The definition of a closed-end mortgage loan is provided, including scenarios where a loan is not considered secured by a multifamily dwelling.
- Detailed examples and interpretations are provided for determining if a loan is secured by a multifamily dwelling as defined by Regulation C.
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Description
Test your knowledge of the Home Mortgage Disclosure Act (HMDA) examination objectives and procedures with this quiz. Questions cover the accuracy and timeliness of the financial institution’s HMDA LAR, compliance with disclosure requirements, and institutional coverage under Regulation C.
