Notice of Order: Revisions to Data Requirements for Enterprise Public Use Database To Include New Home Mortgage Disclosure Act Data Elements, 34196-34208 [2020-11819]
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Federal Register / Vol. 85, No. 107 / Wednesday, June 3, 2020 / Notices
all subject internal accounts within 48
hours after appointment of the FDIC as
receiver; provide annually, data
regarding the number of and amount of
deposits held in such covered internal
accounts; provide a final copy of the
documentation that describes the
processes put in place to obtain
beneficial ownership information
necessary to make an insurance
determination within 48 hours of failure
for the internal accounts; make
reasonable efforts, in the ordinary
course of upgrading its information
technology systems, to implement an
information technology solution that
would permit a deposit insurance
determination for the excepted accounts
within 24 hours; and immediately bring
to the FDIC’s attention any change of
circumstances or conditions.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on May 29, 2020.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2020–11987 Filed 6–2–20; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL HOUSING FINANCE
AGENCY
[No. 2020–N–11]
Notice of Order: Revisions to Data
Requirements for Enterprise Public
Use Database To Include New Home
Mortgage Disclosure Act Data
Elements
Federal Housing Finance
Agency.
ACTION: Notice of order.
AGENCY:
An Order issued by the
Federal Housing Finance Agency
(FHFA) on May 27, 2020 revises data
requirements for the Enterprise Public
Use Database (PUDB) and modifies
FHFA’s previous Enterprise PUDB
Orders issued in 2010 and 2011. The
Enterprise PUDB contains data related
to single-family and multifamily
mortgages purchased by the Federal
National Mortgage Association (Fannie
Mae) and the Federal Home Loan
Mortgage Corporation (Freddie Mac)
(collectively, the Enterprises) in a
calendar year. FHFA publishes the
PUDB annually pursuant to the
requirements of the Federal Housing
Enterprises Financial Safety and
Soundness Act of 1992 (Safety and
Soundness Act). The Order revises the
PUDB to include data elements that the
Enterprises collected in 2018 from their
loan sellers that are the same as those
required to be reported under the Home
Mortgage Disclosure Act of 1975
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SUMMARY:
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(HMDA), and sets out the privacy
protections for the HMDA data. The
Order also adds geographic indicators
related to the Enterprise Duty to Serve
program to the Enterprise PUDB to
provide greater transparency to the
public about the Enterprises’ Duty to
Serve activities. All the data
specifications set out in the Order apply
to future annual PUDB releases, until
further modified by FHFA. A new 2018
PUDB will be released by FHFA
containing the data elements added by
the Order, replacing an interim PUDB
released on September 23, 2019 that
does not include the new HMDA data
elements or Duty to Serve geographic
indicators. The revised matrices setting
out the PUDB data requirements and
privacy and proprietary protection
modifications are available on FHFA’s
website at https://www.fhfa.gov/
DataTools/Downloads/Pages/PublicUse-Databases.aspx. The expansion of
the PUDB data requirements will
enhance transparency about the
Enterprises’ mortgage purchase
activities.
DATES: The Order is applicable May 27,
2020.
FOR FURTHER INFORMATION CONTACT: For
questions on data or methodology,
contact Ian Keith, Senior Program
Analyst, (202) 649–3114, Ian.Keith@
fhfa.gov; for legal questions, contact
Maura Dundon, Assistant General
Counsel, (202) 649–3961,
Maura.Dundon@fhfa.gov, or Sharon
Like, Managing Associate General
Counsel, (202) 649–3057, Sharon.Like@
fhfa.gov (these are not toll-free
numbers); Federal Housing Finance
Agency, 400 Seventh Street SW,
Washington, DC 20219. The
Telecommunications Device for the Deaf
is (800) 877–8339.
SUPPLEMENTARY INFORMATION:
I. Background
A. Statutory and Regulatory
Requirements
The Safety and Soundness Act, as
amended by the Housing and Economic
Recovery Act of 2008 (HERA), requires
FHFA to make publicly available, by
September 30 of each year, certain loanlevel mortgage data elements related to
single-family and multifamily mortgages
purchased by the Enterprises in the
previous calendar year.1 FHFA
1 12 U.S.C. 4543, 4546(d). Section 1122 of HERA
transferred authority over these public data
requirements from the Department of Housing and
Urban Development (HUD) to FHFA. Public Law
110–289, 122 Stat. 2689 (July 30, 2008). A HUD
regulation still in effect at FHFA sets out the general
standards and procedures governing the Enterprise
PUDB. 24 CFR Subpart F (§§ 81.71–81.75). HERA
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publishes the required Enterprise
mortgage data annually in the Enterprise
PUDB.2 The data elements in the PUDB,
and their privacy or proprietary
modifications, are set out in matrices
and data dictionaries.3
The PUDB must contain the mortgage
data elements required to be reported to
FHFA by the Enterprises, which include
the same data elements required to be
reported under HMDA.4 The HMDA
data must be disclosed in the PUDB at
the census tract level.5 The HMDA data
may not be withheld from the PUDB to
protect any Enterprise proprietary
interests, but must be withheld or
modified to protect borrower privacy,
subject to the privacy considerations set
forth in section 304(j) of HMDA.6 The
non-HMDA data in the PUDB may
receive proprietary and privacy
protections.7
HMDA is a mortgage data disclosure
statute enacted in 1975. HMDA requires
that covered financial institutions
annually submit to the appropriate
Federal agency loan-level data related to
the loans they originated or purchased
in a calendar year.8 The CFPB
section 1302 provides that all HUD regulations
‘‘shall remain in effect . . . until modified,
terminated, set aside, or superseded’’ by FHFA. 12
U.S.C. 4511 note. Because FHFA has not yet
adopted its own regulation governing the PUDB,
FHFA administers the PUDB under the HUD
regulation’s general standards and procedures and
FHFA Orders applying them to the data published
in the PUDB.
2 The Enterprise PUDBs are available on FHFA’s
website at https://www.fhfa.gov/DataTools/
Downloads/Pages/Public-Use-Databases.aspx. HUD
continues to host the pre-HERA PUDB datasets at
https://www.huduser.gov/portal/datasets/gse.html.
3 The matrices for the PUDB prior to this revision
are published at 76 FR at 60037–60046. The
updated matrices have been published on the FHFA
website at the link indicated in the SUMMARY above.
The data dictionaries will also be published on the
FHFA website.
4 The Safety and Soundness Act requires the
PUDB to include data submitted by the Enterprises
to FHFA in the mortgage reports required under the
Federal National Mortgage Association Charter Act,
12 U.S.C. 1723a(m), and the Federal Home Loan
Mortgage Corporation Act, 12 U.S.C. 1456(e)
(Charter Acts). 12 U.S.C. 4543(a)(1). These mortgage
reports and the PUDB are required to include the
same data elements required to be reported under
HMDA, 12 U.S.C. 2801 et seq., subject to the
privacy considerations in 12 U.S.C. 2803(j). 12
U.S.C. 4543(a)(2), 4546(d)(1).
5 12 U.S.C. 4543(a)(2). ‘‘Census tract level’’ means
that the mortgage data is disclosed in individual
loan records, which include the census tract
location of the mortgaged property as a geographic
identifier.
6 12 U.S.C. 4543(b)(2), 4546(d).
7 12 U.S.C. 4543(b)(1), 4546(a); 24 CFR
81.72(b)(3), (c)(1).
8 The Enterprises are not subject to HMDA
reporting requirements under Regulation C because
they do not originate mortgage loans, which is
prohibited by their Charter Acts, and Regulation C
only applies to institutions that originate mortgage
loans. See 12 U.S.C. 1719(a)(2), 1454(a)(5), and 12
CFR 1003.2(g). Instead, the Safety and Soundness
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implements HMDA through Regulation
C, which was amended in 2015 to add
new data HMDA elements, effective
January 1, 2018.9
FHFA interprets the HMDA data
publication requirement in the Safety
and Soundness Act as an obligation to
use the same data definitions as HMDA
for the Enterprise data published in the
PUDB, where possible. The Safety and
Soundness Act does not require FHFA
to republish in the PUDB the same data
that is in the CFPB’s public dataset
issued under Regulation C. Rather, the
Enterprises must report to FHFA the
data elements they collect that generally
conform with the HMDA definitions set
out in Regulation C. For example, the
Enterprises must report data about their
purchased loans that would not be
reported for purchased loans under
Regulation C,10 as well as data elements
that only partially conform to the
Regulation C data definitions.11 This
reflects FHFA’s view that the HMDA
data specifications in Regulation C
should be used as a guide to the types
of data included in the PUDB that will
be useful for the public and
Act requires FHFA to publish any HMDA data the
Enterprises possess. See Notice of Order: Revisions
to Enterprise Public Use Database, 75 FR 41180,
41184 (July 15, 2010) (FHFA 2010 Order).
Regulation C also requires covered entities to report
on activities that are not relevant to the PUDB, such
as loan application denials. The PUDB only
includes loan purchase records.
9 CFPB, Final Rule, Home Mortgage Disclosure
(Regulation C), 80 FR 66128 (Oct. 28, 2015); 12 CFR
part 1003. The CFPB amended Regulation C twice
in 2019, but these amendments do not change the
HMDA data elements, and therefore do not impact
the Safety and Soundness Act requirement for the
PDUB to include HMDA data. See 84 FR 69994
(Dec, 20, 2019) and 84 FR 58003 (Oct. 29, 2019).
10 The Regulation C reporting requirements
distinguish between loan purchases and loan
originations, and exclude loan purchases from some
data reporting requirements that apply to loan
originations. FHFA has determined that because the
Enterprises are not purchasers under Regulation C,
they do not qualify for any of the exemptions for
HMDA loan purchasers when reporting HMDA data
to FHFA for the PUDB. See, e.g., FHFA 2010 Order,
75 FR at 41185 (adding Rate Spread to the PUDB
despite the fact that Regulation C did not require
loan purchasers to report Rate Spread at that time).
Instead, the PUDB records include data elements
that would only be required for loan originations in
the CFPB’s dataset. In addition, the CFPB’s public
dataset only includes records for loans sold to the
Enterprises in the same calendar year as origination,
but the PUDB includes records for all loans
purchased by the Enterprises in a calendar year,
regardless of year of origination. The PUDB also
may contain HMDA data for loans that were exempt
or partially exempt from HMDA reporting
requirements under Regulation C because the
Enterprises have uniform seller data requirements
that generally are not based on the loan originator’s
status as a HMDA reporter covered by Regulation
C.
11 For example, as discussed below in Section
II.B.1, the PUDB includes Enterprise Application
Channel data, although it does not completely align
with the Application Channel data in the CFPB’s
public dataset.
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policymakers to monitor Enterprise
activities. The differences between the
PUDB and the CFPB’s dataset published
under Regulation C reflect Congress’s
intent that the PUDB supplement
HMDA.12
While the Enterprises are in
conservatorship, FHFA has
implemented the Safety and Soundness
Act to require the Enterprises to provide
to FHFA only the data they collect from
their loan sellers as part of their
established mortgage purchasing
activities.13
In 2010, FHFA added HMDA data
elements to the PUDB to implement the
Safety and Soundness Act
requirement.14 In 2018, new definitions
for HMDA data elements added by the
CFPB to Regulation C took effect. As a
result, new Enterprise data elements
that generally conform to the HMDA
definitions must be added to the PUDB
starting with the PUDB released in 2019
that contains 2018 data (2018 PUDB).
FHFA reviewed the data collected by
the Enterprises from their loan sellers in
2018 and identified the HMDA data
elements to be disclosed starting with
the 2018 PUDB. These data
specifications will apply to future PUDB
annual releases, until further modified
by FHFA.
B. Structure of the PUDB
The PUDB is a loan-level dataset
containing data elements related to the
single-family and multifamily loans
acquired by the Enterprises in the
previous calendar year. It includes
seasoned loans originated in years prior
to acquisition, and loans originated in
the same year as acquisition.
The data elements for each loan are
split into multiple files called National
Files and Census Tract Files. The multifile system reduces the likelihood of
sensitive data elements being linked to
other data elements, which could
compromise borrower privacy or
Enterprise proprietary interests. The
National Files in the PUDB have no
geographic identifiers. This reduces the
likelihood of re-identification of
borrowers through linking the PUDB
data to other public sources containing
personally identifying data that include
the census tract (such as county
property records). It also protects
Enterprise proprietary interests by
masking their regional business
12 See
60 FR 61846, 61875 (Dec. 1, 1995) (HUD
final rule) (citing Senate Committee on Banking,
Housing, and Urban Affairs, S. Rep. No. 282, 102d
Cong., 2d Sess. at 39 (1992)).
13 See FHFA 2010 Order, 75 FR at 41181.
14 Id. at 41180.
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strategies.15 The Census Tract Files
contain the census tract location of the
mortgaged property, and generally
contain data statutorily required to be
disclosed with the census tract. The
data elements in both the National Files
and Census Tract Files are in some cases
further modified by rounding or
disclosing in ranges to protect private
and proprietary information.
For Enterprise single-family data, the
PUDB comprises a Census Tract File
containing loan-level data that identifies
the census tract location of the
mortgaged properties; a National File A
containing loan-level data on owneroccupied one-unit properties without
the census tract or other geographic
identifier; a National File B containing
unit-level data on all single-family
properties without the census tract or
other geographic identifier; and a
National File C containing the high-cost
securitized loan data required by 12
U.S.C. 4546(d)(2) without the census
tract or other geographic identifier.
For Enterprise multifamily data, the
PUDB comprises a Census Tract File
containing loan-level data that identifies
the census tract location of the
mortgaged properties; and a National
File that does not identify the census
tract or other geographic location of the
mortgaged properties but contains
property-level data and unit class-level
data on all multifamily properties.
All new HMDA data added to the
PUDB starting in 2018 will be added to
the Census Tract Files, as required by
the Safety and Soundness Act. It will
not be added to the National Files in
order to preserve existing privacy and
proprietary protections in these Files, as
the data could increase the ability to
link the National Files to the Census
Tract Files.
C. Proprietary Protections in the PUDB
The Safety and Soundness Act
provides generally that Enterprise
proprietary data must be protected from
public disclosure.16 However, the
statute exempts certain types of data
elements from proprietary protection,
requiring their public disclosure subject
only to borrower privacy protections.
The exempted data elements are
income, census tract location, race, and
gender of single-family mortgagors, and
all other HMDA data.17 Some data
elements that were previously protected
as proprietary in the PUDB are now
15 HUD Final Order—Proprietary Data Submitted
by the Federal National Mortgage Association
(Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac), 61 FR 54322, 54323
(Oct. 17, 1996).
16 12 U.S.C. 4543(b)(1); 4546(d).
17 12 U.S.C. 4543(b)(2).
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HMDA data elements, so they no longer
receive proprietary protections.
The factors for determining
proprietary protection of the Enterprise
data in the PUDB are set forth in the
HUD regulation which FHFA still
administers. HUD applied the regulatory
factors in a series of Orders determining
the proprietary protections for specific
data elements published in the PUDB.
The HUD Orders (but not the HUD
regulation) were superseded by FHFA
Orders that adopted the HUD
proprietary determinations for the
specific data elements to be published
in the PUDB and added the new data
required by HERA.18
FHFA protects proprietary data in the
PUDB through two methods. First, data
is protected through the multi-file
system discussed above in Section I.B.
Second, the individual data elements
may be completely withheld from
publication, or modified to reduce reidentification risk by disclosing in
ranges or rounding.
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D. Privacy Protections in the PUDB
The HUD regulation, which was
issued prior to the HERA amendments
to the Safety and Soundness Act,
provides that private data shall be
withheld from the PUDB if publication
of the data would ‘‘constitute a clearly
unwarranted invasion of personal
privacy if such data or information were
released to the public.’’ 19 HERA
amended the Safety and Soundness Act
to add a requirement that FHFA publish
the HMDA data ‘‘[s]ubject to privacy
considerations, as described in section
304(j) of [HMDA] (12 U.S.C. 2803(j)).’’ 20
Section 304(j)(2)(B) of HMDA requires
the CFPB to ‘‘require, by regulation,
such deletions as [CFPB] may determine
to be appropriate to protect—(i) any
privacy interest’’ of borrowers, and
protect depository institutions reporting
HMDA data from liability under privacy
laws.21 The CFPB implemented this
requirement through policy guidance
(CFPB Privacy Guidance) setting out
how the agency intends to exclude or
modify data to protect borrower privacy
and reporter liability, in balance with
the purposes of public disclosure.22
The Safety and Soundness Act
provides that FHFA publish the PUDB
18 See 59 FR 29514 (June 7, 1994); 60 FR 61846,
62001 (App. F) (Dec. 1, 1995); 61 FR 54322 (Oct.
17, 1996); 69 FR 59476 (Oct. 4, 2004); FHFA 2010
Order, 75 FR at 41189; FHFA Notice of Order, 76
FR 60031 (Sept. 28, 2011) (FHFA 2011 Order).
19 24 CFR 81.72(b)(3).
20 12 U.S.C. 4546(d).
21 12 U.S.C. 2803(j)(2)(B).
22 CFPB, Disclosure of Loan-Level HMDA Data,
Final Policy Guidance, 84 FR 649 (Jan. 31, 2019)
(CFPB Privacy Guidance); Regulation C, 80 FR at
66132–66134.
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‘‘[s]ubject to privacy considerations, as
described in section 304(j) of [HMDA],’’
which requires the CFPB to prescribe
deletions that are appropriate to protect
borrowers’ privacy interests. FHFA
interprets this provision as authorizing
FHFA to follow the CFPB’s intended
privacy determinations. Where FHFA
determines that privacy or other factors
in the context of the PUDB call for
different or more restrictive disclosure
of HMDA data elements than the CFPB
Privacy Guidance, FHFA may
reasonably make such distinctions.
Accordingly, FHFA is following the
CFPB’s intended privacy determinations
for the PUDB (with one minor change to
conform to FHFA’s regulatory definition
of small multifamily properties).
II. Changes to Enterprise Reporting
Requirements and PUDB Disclosures
A. HMDA Data Review and New
Reporting Requirements
As discussed above in Section I.A.,
FHFA requires the Enterprises to report
the HMDA data they collect from loan
sellers for publication in the PUDB.
Accordingly, FHFA must periodically
review Enterprise data collections to
ascertain whether they contain HMDA
data that must be included in the PUDB.
At the same time as the HMDA
expansion in Regulation C, the
Enterprises updated their single-family
data collection through the Uniform
Mortgage Data Program (UMDP)
datasets.23 The UMDP is a joint
Enterprise project to develop and
implement mortgage data standards for
the single-family loans they purchase or
securitize. Improving Enterprise
mortgage data standardization has been
an annual Conservatorship Scorecard
goal since 2012. The UMDP data
requirements are generally aligned
between the Enterprises. As a result of
the expansion of HMDA and updates to
the UMDP datasets, many new HMDA
data elements are now available for
inclusion in the PUDB Single-Family
Census Tract File.
The Enterprises’ multifamily data
collections are not included in the
UMDP datasets. However, some HMDA
data elements are now collected by the
Enterprises for multifamily loans and
are available for inclusion in the PUDB
Multifamily Census Tract File.
Since both HMDA and Enterprise data
collections have changed substantially
since FHFA last added HMDA data to
the PUDB in 2010, FHFA undertook a
new review of all HMDA data elements.
23 See UMDP Overview, at https://
www.fanniemae.com/content/fact_sheet/umdpoverview.pdf (April 2018) (joint document authored
by both Fannie Mae and Freddie Mac).
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To identify the new HMDA data eligible
for inclusion in the PUDB, FHFA
requested that the Enterprises map their
single-family and multifamily data
collections to the HMDA data
definitions in the amended Regulation
C. Based on the data mapping and
discussions with the Enterprises, FHFA
identified the new HMDA data elements
collected by the Enterprises and
available to be included in the PUDB
Census Tract Files. FHFA also identified
data elements already disclosed in the
PUDB that are defined as HMDA data
elements for the first time under the
amended Regulation C in 2018 and,
therefore, no longer qualify for
proprietary protection in the PUDB.
In addition, FHFA identified groups
of HMDA data elements collected by the
Enterprises that will be excluded from
the PUDB. One group of HMDA data
elements will be excluded in
conformance with the CFPB Privacy
Guidance, which intends to exclude
them entirely from publication in the
CFPB’s public dataset. Another group of
HMDA data elements drawn from
updated Enterprise seller data
collections will be excluded because the
Enterprises recently began collecting
them and they require further analysis
in order to ensure data quality before
inclusion in the PUDB.
The new HMDA data elements, and
any previous PUDB data elements that
are now defined as HMDA data, are not
eligible to receive proprietary
protections under the Safety and
Soundness Act and will, therefore, be
disclosed in the PUDB Census Tract
Files. They will be modified to protect
borrower privacy only.
As a result of FHFA’s review of the
HMDA data elements, FHFA issued the
appended Order, which added the
appropriate HMDA data elements to the
PUDB matrices and required the
Enterprises to report them to FHFA. The
Order modifies the 2010 and 2011
PUDB Orders previously issued by
FHFA.24 The Order and this Notice of
Order contain a link to the revised
matrices on FHFA.gov and fulfill the
Safety and Soundness Act requirement
that FHFA issue an order or regulation
to make the HMDA data available to the
public, subject to privacy protections.25
The expansion of the PUDB data
requirements will enhance transparency
about the Enterprises’ mortgage
purchase activities.
The new HDMA data added by the
Order will be published in a dataset that
replaces an interim PUDB released on
24 FHFA 2010 Order, 75 FR 41180, and FHFA
2011 Order, 76 FR 60031.
25 12 U.S.C. 4546(d).
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September 23, 2019, which does not
include the new HMDA data elements
or Duty to Serve geographic indicators.
The data specifications set out in the
Order will apply to future annual PUDB
releases, until further modified by
FHFA.
FHFA’s review of each HMDA data
element is detailed below in Section
II.B. for single-family data and Section
II.C. for multifamily data.
B. Single-Family PUDB
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1. New HMDA Single-Family Data
Elements Added to the PUDB
The HMDA single-family data
elements collected by the Enterprises
that are listed below will be reported to
FHFA and added to the PUDB SingleFamily Census Tract File starting with
the 2018 PUDB, as set forth in the
revised PUDB matrices. Most of these
data elements were new Regulation C
reporting requirements in 2018. The list
below indicates whether the data
element was a new HMDA data element
added for the first time in 2018 by
Regulation C, or a pre-2018 HMDA data
element that was modified in 2018 by
Regulation C amendments.
Discount Points: Discount Points is a
new HMDA data element collected by
the Enterprises that indicates the points
paid by the home buyer or home seller
to the lender to reduce the interest
rate.26 It will be disclosed without
modification in the PUDB Single-Family
Census Tract File, in conformance with
the CFPB Privacy Guidance.27 The data
collected by the Enterprises may
include origination or discount points
paid by the borrower, home seller, or
other third party, and may not
correspond exactly to the Regulation C
Discount Points disclosed by the CFPB.
Introductory Rate Period: Introductory
Rate Period is a new HMDA data
element collected by the Enterprises
that indicates the number of months
until the first date the interest rate may
change.28 It will be disclosed without
modification in the PUDB Single-Family
Census Tract File, in conformance with
the CFPB Privacy Guidance.29
Property Value: Property Value is a
new HMDA data element collected by
the Enterprises that discloses the value
of the property securing the loan, in
exact dollars, that was relied on by the
lender in making the credit decision to
26 12 CFR 1003.4(a)(19); CFPB Home Mortgage
Disclosure Act FAQs, https://
www.consumerfinance.gov/policy-compliance/
guidance/hmda-implementation/home-mortgagedisclosure-act-faqs/#discount-points (Aug. 28,
2019).
27 84 FR at 656.
28 12 CFR 1003.4(a)(26).
29 84 FR at 656.
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originate the loan.30 Because Property
Value can be highly unique within a
census tract, the CFPB Privacy Guidance
discloses it as the midpoint of the
$10,000 interval in which the actual
value falls in order to reduce the ability
to match it with other sources of data
and facilitate re-identification of the
borrower.31 Beginning with the 2018
PUDB, the Single-Family Census Tract
File will disclose Property Value with
the same modification as in the CFPB
Privacy Guidance.
Preapproval: 32 Preapproval is a
modified HMDA data element that
indicates whether preapproval of the
loan was requested by the applicant
under a financial institution’s covered
preapproval program.33 Fannie Mae
indicated that it collects some
preapproval data. Freddie Mac
indicated that it does not collect any
preapproval data. The available
Preapproval data will be disclosed
without modification in the PUDB
Single-Family Census Tract File, in
conformance with the CFPB Privacy
Guidance.34
Credit Scoring Model: Credit Scoring
Model is a new HMDA data element
that provides the name of the credit
scoring model (if any) used to evaluate
the loan.35 Both Enterprises collect this
data. The available Credit Scoring
Model data will be disclosed without
modification for up to two borrowers in
the PUDB Single-Family Census Tract
File, in conformance with the CFPB
Privacy Guidance.36
Manufactured Home Land Property
Interest: Manufactured Home Land
Property Interest is a new HMDA data
element that indicates whether the
30 12
CFR 1003.4(a)(28).
FR at 663. E.g., for a reported value of
$117,834, the dataset will disclose it as $115,000,
which is the midpoint between values equal to
$110,000 and less than $120,000. Id. at 673.
32 In the FHFA 2010 Order, FHFA stated that a
HMDA Preapproval data element would not be
included in the PUDB because it does not relate to
originated loans that could then be purchased by
the Enterprises. 75 FR at 41186. However, upon
further analysis, FHFA concludes that the HMDA
Preapproval data element does apply to originated
loans. The ‘‘Preapproval’’ data element is defined
in 12 CFR 1003.4(a)(4) as whether a ‘‘covered loan
involved a request for a preapproval of a home
purchase loan under a preapproval program.’’ In
contrast, the HMDA Action Taken values relating to
preapproval, 12 CFR 1003.4(a)(8)(i)(C), specifically
apply only to loans that were not originated
(whether a preapproval request that did not result
in the origination of a home purchase loan was
denied or approved but not accepted). Accordingly,
beginning with the 2018 PUDB, the Preapproval
data element parallel to 12 CFR 1003.4(a)(4) will be
included, but not the Action Taken values related
to preapproval in 12 CFR 1003.4(a)(8)(i)(C).
33 12 CFR 1003.4(a)(4); 24 CFR 1003.2(b)(2).
34 84 FR at 656.
35 12 CFR 1003.4(a)(15).
36 84 FR at 656.
31 84
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borrower has a direct ownership,
indirect ownership, or a paid or unpaid
leasehold interest in the land on which
the manufactured home being financed
will be sited.37 Freddie Mac indicated
that it does not collect this data. Fannie
Mae indicated that it collects data
showing direct ownership, indirect
ownership (i.e., a manufactured home
cooperative), or the presence of a lease
(i.e., ground rent), but its data cannot
discern whether there is an unpaid
leasehold. Accordingly, this data
element will be added to the PUDB
Single-Family Census Tract File but
with only the values that conform with
the data Fannie Mae collects. It will be
disclosed without modification, in
conformance with the CFPB Privacy
Guidance.38
Application Channel: Application
Channel is a new HMDA data element
partially collected by the Enterprises
that indicates whether the loan
application was submitted directly to
the party making the credit decision,
and whether the loan was initially
payable to that party. Both Enterprises
indicated that they collect data relating
to the broker and retail channel that
correspond to HMDA Application
Channel values.39 The values that
correspond to the HMDA Application
Channel values will be disclosed in the
PUDB Single-Family Census Tract File
without modification, in conformance
with the CFPB Privacy Guidance.40
Automated Underwriting System
(AUS) Name: AUS Name is a new
HMDA data element collected by the
Enterprises that discloses the name(s) of
the AUS(s) used by the lender to
evaluate a loan application.41 Both
Enterprises indicated that they collect
only a single AUS name in connection
with the AUS(s) used by a lender to
evaluate a loan application.42
Accordingly, the Enterprises will report
the AUS Name data they possess, and
this data will be disclosed without
modification in the PUDB Single-Family
37 12
CFR 1003.4(a)(30).
FR at 656.
39 80 FR at 66299; 12 CFR 1003.4(a)(33). The
CFPB does not use the terms ‘‘broker’’ and ‘‘retail,’’
but the Enterprises’ data use these terms in a way
that corresponds to the HMDA Application Channel
values.
40 84 FR at 656.
41 12 CFR 1003.4(a)(35).
42 The CFPB’s Official Interpretation to
Regulation C sets out how multiple AUSs used to
evaluate a single loan application are reported. See
Supplement I to Part 1003—Official Interpretations,
comment 4(a)(35) (Official Interpretations). The
PUDB data will not fully align with the Regulation
C data since the Enterprises do not collect data on
all of the AUSs that may have been used prior to
origination.
38 84
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Census Tract File, in conformance with
the CFPB Privacy Guidance.43
Debt-to-Income (DTI): DTI is a new
HMDA data element representing the
ratio of the borrower’s total monthly
debt to total monthly income relied on
by the lender to make the credit
decision.44 Both Enterprises indicated
that they can calculate and report DTI
based on data they receive from their
loan sellers. Accordingly, DTI will be
added to the PUDB Single-Family
Census Tract File and disclosed in
conformance with the CFPB Privacy
Guidance.45
Loan Purpose (Cash-Out Refinancing):
Loan Purpose is a modified HMDA data
element that indicates whether the loan
was for Home Purchase, Home
Improvement, Refinancing, Cash-Out
Refinancing, or Other. The Regulation C
amendments added Cash-Out
Refinancing and Other.46 Both
Enterprises indicated that they collect
Cash-Out Refinancing, but not Other.
Cash-Out Refinancing will be added to
the PUDB Single-Family Census Tract
File and disclosed unmodified, in
conformance with the CFPB Privacy
Guidance.47 (The current PUDB
includes the other HMDA Loan Purpose
values, which will continue to be
disclosed.)
Loan Amount (Note Amount): Loan
Amount is a modified HMDA data
element that identifies the amount to be
repaid as disclosed on the legal
obligation (Note Amount), and the
unpaid principal balance (UPB) at the
time of purchase (discussed below).48
43 84
FR at 656.
CFR 1003.4(a)(23).
45 84 FR at 665–666. The CFPB intends to disclose
DTI as follows: ‘‘a. Bin reported values into the
following ranges, as applicable: 20 percent to less
than 30 percent; 30 percent to less than 36 percent;
and 50 percent to less than 60 percent; b. Bottomcode reported values under 20 percent; c. Top-code
reported values of 60 percent or higher; and d.
Disclose, without modification, reported values
greater than or equal to 36 percent and less than 50
percent.’’ 84 FR at 672.
46 12 CFR 1003.4(a)(3). Cash-Out Refinancing is
defined as a loan that the institution considered to
be a cash-out refinancing in processing the loan
application or setting the terms (such as the interest
rate or origination charges) under its guidelines or
an investor’s guidelines. Official Interpretations,
comment 4(a)(3)–2.
47 84 FR at 656.
48 12 CFR 1003.4(a)(7)(i). Regulation C loan
purchasers are required to report the UPB at the
time of purchase, and Regulation C loan originators
are required to report the Note Amount. Because the
Enterprises collect both values, FHFA is requiring
that the Enterprises report both for inclusion in the
PUDB. As noted earlier, the Enterprises’ reporting
obligations for the PUDB extend to all of the HMDA
data they possess, not the same data as reported by
HMDA loan purchasers. In 2010, FHFA determined
not to include the HMDA Note Amount in the
PUDB because there was likely to be no difference
between the Note Amount and the UPB at the time
of purchase for most loans acquired by the
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The current PUDB Single-Family
Census Tract File does not include the
HMDA Note Amount. To conform with
HMDA, the PUDB Single-Family Census
Tract File will add a new field called
Note Amount to indicate the amount to
be repaid as disclosed on the legal
obligation. Note Amount will be
disclosed as the midpoint of the $10,000
interval in which the actual amount
falls, in conformance with the CFPB
Privacy Guidance.49
2. HMDA Single-Family Data Elements
Already in the PUDB
FHFA identified several HMDA
single-family data elements that were
added, modified, or unchanged by the
Regulation C amendments and are
already reported by the Enterprises and
disclosed in the current PUDB. The
Enterprises’ reporting requirements thus
generally will not change for these data
elements. However, the disclosure in
the PUDB will change in some cases to
conform with the CFPB Privacy
Guidance. In addition, some of the data
elements were defined as HMDA data
for the first time in 2018 in Regulation
C and, therefore, any proprietary
protections they received in the PUDB
are no longer permissible under the
Safety and Soundness Act and will be
removed. All of the data elements will
be released in the PUDB Single-Family
Census Tract File, with modifications as
appropriate to conform with the CFPB
Privacy Guidance.
i. Disclosure Changes in the PUDB
The single-family data elements listed
below were previously withheld from
the PUDB or disclosed in the PUDB
with proprietary protections, but are
defined as HMDA data elements in 2018
and must be disclosed, with
modifications as appropriate to conform
with the CFPB Privacy Guidance. In
some cases, the data element was
defined as a HMDA data element for the
first time in 2018 and, thus, is no longer
eligible for the proprietary protections it
had been receiving in the PUDB. The
data elements previously disclosed only
in the National Files that must now be
disclosed in the PUDB Single-Family
Census Tract File will continue to be
disclosed in the National Files as well
as being added to the Census Tract File.
Interest Rate: Interest Rate is a new
HMDA data element that discloses the
actual note rate on the loan as a
Enterprises. See FHFA 2010 Order, 75 FR at 41188.
However, on further consideration, FHFA will now
add Note Amount to the PUDB to identify the
subset of seasoned loans purchased by the
Enterprises where there is a difference between the
Note Amount and the UPB at the time of purchase.
49 84 FR at 661–663, 671–673.
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percentage to at least three decimal
places.50 Interest Rate is currently
disclosed in the PUDB Single-Family
National File C in bins of 0.5 percent.
Interest Rate will be disclosed in the
PUDB Single-Family Census Tract File
as the actual note rate to at least three
decimal places, consistent with the
Regulation C definition and CFPB
Privacy Guidance.51
Construction Method and Total Units:
The HMDA Property Type data element
was disaggregated in 2018 by Regulation
C into two new data elements:
Construction Method; and Total Units.52
Property Type previously had values for
Manufactured Home, Multifamily, and
Single-Family Home (1–4 Units, Other
Than Manufactured). The new HMDA
Construction Method and Total Units
data elements provide a clearer
disclosure of the type of housing and
number of units. Construction Method
indicates Site Built or Manufactured
Home. Total Units indicates the number
of units. There are no longer values for
Multifamily or Single-Family Home,
although ‘‘multifamily’’ is defined
elsewhere in Regulation C as ‘‘five or
more individual dwelling units.’’ 53
The Property Type data element is
currently disclosed in the PUDB SingleFamily Census Tract File, aligned with
the previous Regulation C definition. In
addition, the PUDB Single-Family
National Files A and B already publish
a data element named Number of Units,
which corresponds to the HMDA Total
Units data element. These existing data
fields will be changed in the PUDB
Single-Family Census Tract File to
conform with HMDA by adding a new
Construction Method field and
disclosing Number of Units in the
Census Tract File. Construction Method
will be disclosed without modification,
in conformance with the CFPB Privacy
Guidance.54 Number of Units will be
disclosed as 1, 2, 3, or 4 units for singlefamily loans. Number of Units will also
continue to be disclosed in the PUDB
Single-Family National Files A and B.
Loan Term: Loan Term is a new
HMDA data element that discloses the
number of months until the loan reaches
50 12 CFR 1003.4(a)(21); CFPB, 2018 Reportable
HMDA Data: A Regulatory and Reporting Overview
Reference Chart for HMDA Data Collected in 2018
at 27, https://files.consumerfinance.gov/f/
documents/201710_cfpb_reportable-hmda-data_
regulatory-and-reporting-overview-referencechart.pdf (Aug. 31, 2018).
51 84 FR at 656.
52 80 FR at 66180–81; 12 CFR 1003.4(a)(5) and
(31).
53 12 CFR 1003.2(n). The Safety and Soundness
Act also defines multifamily as five or more
dwelling units. 12 U.S.C. 4502(18).
54 84 FR at 656.
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maturity.55 For purchased loans, Loan
Term is measured from origination.56
The PUDB Single-Family National File
C currently includes the data element
Term of Mortgage at Origination, which
corresponds to HMDA Loan Term. Loan
Term will be disclosed in the PUDB
Single-Family Census Tract File without
modification, in conformance with the
CFPB Privacy Guidance.57
Combined Loan-to-Value (CLTV):
CLTV is a new HMDA data element that
discloses the ratio at origination of the
total amount of debt secured by the
property to the value of the property
relied on in making the credit decision
(discussed above in Section II.B.1.),
disclosed as a percentage.58 LTV or
CLTV if available is currently disclosed
in the PUDB Single-Family National
Files A and C in ranges, without
disclosing whether the value is LTV or
CLTV. To conform with HMDA, the
actual ratio for LTV or CLTV will be
disclosed in the PUDB Single-Family
Census Tract File without modification,
and without disclosing whether it is
LTV or CLTV, in conformance with the
CFPB Privacy Guidance.59
Age: Age is a new HMDA data
element that indicates the borrower and
co-borrower ages at the time of loan
application.60 The PUDB Single-Family
Census Tract File currently includes
data elements called Age of Borrower
and Age of Co-borrower disclosed in
exact years. Age of Borrower and Age of
Co-borrower will be disclosed in the
PUDB Single-Family Census Tract File
in ranges, in conformance with the
CFPB Privacy Guidance to mask the
exact year.61
Occupancy Type: The HMDA
Occupancy Type data element was
modified in 2018 by Regulation C to add
new values. Previously, Occupancy
Type had values for Owner-Occupied as
a Principle Residence, Not-Owner
Occupied as a Principal Residence, and
Not Applicable. The Regulation C
amendments replaced Not-Owner
Occupied as a Principle Residence with
two new values: Second Residence; and
Investment Property.62 The new HMDA
Occupancy Type values for Second
Residence and Investment are already
reported to FHFA by the Enterprises in
a data element called Occupancy Code,
55 12
CFR 1003.4(a)(25).
Interpretations, comment 4(a)(25)–3.
57 84 FR at 656.
58 12 CFR 1003.4(a)(24).
59 84 FR at 656, 662.
60 12 CFR 1003.4(a)(10)(ii).
61 84 FR at 664–665, 672. The age ranges are: 25
to 34; 35 to 44; 45 to 54; 55 to 64 (with a flag for
62 or higher); and 65 to 74. Below 25 and above
74 are bottom- and top-coded, respectively.
62 12 CFR 1003.4(a)(6).
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but the current PUDB Single-Family
Census Tract File discloses only OwnerOccupied, Investment, and Not
Applicable. Occupancy Code will be
changed in the PUDB Single-Family
Census Tract File to align with HMDA
by disclosing Second Residence, and
will continue to be disclosed without
modification, in conformance with the
CFPB Privacy Guidance.63
Action Taken Date (Loan Originated):
Action Taken Date is an unchanged
HMDA data element that reports the
action, and the date the action was
taken.64 For the Enterprise data and
PUDB purposes, the relevant HMDA
Action Taken Date values are Loan
Originated and Purchased Loan
(discussed below in Section II.B.2.ii.).65
The CFPB intends to withhold all
Action Taken Dates from its public
dataset since the exact dates could be
used to match to other public datasets
with individually identifying
information.66 However, the year of
origination or year of purchase can
always be inferred from the CFPB’s
public dataset because it only contains
loans that were originated or purchased
in that year—e.g., the dataset with 2018
data only contains loans originated or
purchased in 2018.
The current PUDB Single-Family
National File B includes a field for Date
of Mortgage Note, which conforms with
the HMDA Loan Originated value. Date
of Mortgage Note is modified in the
current PUDB to indicate whether the
loan was originated in the same year it
was acquired, or in any prior year. This
modification conforms with the CFPB’s
intended withholding of the month and
day from its public dataset.
Accordingly, Date of Mortgage Note will
be disclosed in the PUDB Single-Family
Census Tract File in the same manner,
in conformance with the CFPB Privacy
Guidance.67
63 84
FR at 656.
CFR 1003.4(a)(8)(i)(A) and (ii). The PUDB
combines Action Taken and Action Taken Date
since there is only one possible action by the
Enterprises (purchase) and there are two available
dates in the Enterprise data (origination and
purchase).
65 Action Taken also requires reporting actions
that do not apply to originated loans (e.g.,
application denied). 12 CFR 1003.4(a)(8)(i)(B) and
(C). Since the PUDB only contains data on
originated loans, the HMDA values that do not
apply to originated loans are not relevant.
66 84 FR at 663.
67 In the FHFA 2010 Order, Date of Mortgage Note
was withheld from the PUDB Single-Family Census
Tract File to conform to HMDA privacy protections
in 12 U.S.C. 2803(j). 75 FR at 41186. However,
FHFA has now concluded that disclosing Date of
Mortgage Note as same year or any prior year in the
PUDB Single-Family Census Tract File is consistent
with the CFPB Privacy Guidance, since the year of
origination can be inferred from the date of the
CFPB’s public dataset. Although the CFPB’s public
64 12
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Loan Amount (UPB): Loan Amount is
a modified HMDA data element that
identifies the Note Amount (discussed
above in Section II.B.1.) and the UPB at
the time of purchase.68 The current
PUDB Single-Family Census Tract File
includes a data element called
Acquisition UPB, rounded to the nearest
$1,000. To conform with the CFPB
Privacy Guidance, Acquisition UPB in
the PUDB Single-Family Census Tract
File will be changed to the midpoint of
the $10,000 interval in which the actual
amount falls.69
ii. No Disclosure Changes in the PUDB
The HMDA single-family data
elements listed below are currently
disclosed in the PUDB Single-Family
Census Tract File and were unchanged
by the Regulation C amendments or
were modified in a way irrelevant to
Enterprise data. Accordingly, they will
continue to be disclosed in the same
manner in this File. No changes in
reporting or disclosure are necessary to
conform with HMDA.
Action Taken Date (Purchased Loan):
Action Taken Date is an unchanged
HMDA data element that reports the
action, and the date the action was
taken.70 For the Enterprise data and
PUDB purposes, the relevant HMDA
Action Taken Date values are Loan
Originated (discussed above in Section
II.B.2.i.) and Purchased Loan. Purchased
Loan is an unchanged HMDA data
element value indicating the exact date
the loan was purchased from an
originator.71 The PUDB does not
disclose the exact date of acquisition.
The year of acquisition can be inferred
from the year of the PUDB, which
contains only the Enterprises’ loan
acquisitions in a single calendar year.
The CFPB likewise intends to withhold
the exact date of loan purchase from its
public dataset to protect privacy, but the
year of purchase can be inferred in the
dataset. Accordingly, no changes need
to be made to the Single-Family PUDB
to conform to HMDA definitions or
privacy modifications for this data
element value.
Loan Type: Loan Type is an
unchanged HMDA data element that
discloses whether the loan is insured by
the Federal Housing Administration,
dataset does not include information on the
origination year of purchased loans, the PUDB
disclosure that a loan was originated in the year of
purchase or any prior year does not increase
privacy risks and aligns with the CFPB Privacy
Guidance to withhold the day and month of
origination.
68 12 CFR 1003.4(a)(7)(i).
69 84 FR at 661.
70 12 CFR 1003.4(a)(8)(i)(A) and (ii).
71 Id.
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guaranteed by the Department of
Veterans Affairs, guaranteed by the
Rural Housing Service or the Farm
Service Agency, or Conventional.72 The
current PUDB Single-Family Census
Tract File includes a data field for
Federal Guarantee, which conforms
with HMDA Loan Type. Federal
Guarantee will continue to be disclosed
without modification in the PUDB
Single-Family Census Tract File, in
conformance with the CFPB Privacy
Guidance.73
Property Location: Property Location
is an unchanged HMDA element that
includes values for the State, County,
and Census Tract location of the
mortgaged property.74 Data elements for
these values are currently disclosed in
the PUDB Single-Family Census Tract
File without modification, in
conformance with the CFPB Privacy
Guidance.75 They will continue to be
disclosed without modification in this
File.
Income: Income is an unchanged
HMDA data element disclosing the gross
annual borrower income relied on in
making the credit decision.76 The
current PUDB Single-Family Census
Tract File discloses this data as
Borrower’s Annual Income rounded to
the nearest $1,000, which conforms
with the CFPB Privacy Guidance.77
Income will continue to be disclosed in
this manner in this File.
Type of Purchaser: Type of Purchaser
is a modified HMDA data element
reported by a loan originator that
indicates the type of purchaser for loans
sold within the same calendar year as
origination.78 This includes separate
values for Fannie Mae and Freddie
Mac.79 All Files in the current SingleFamily PUDB include an Enterprise
Flag, which is equivalent to the HMDA
Type of Purchaser values for Fannie
72 12 CFR 1003.4(a)(2). ‘‘Conventional’’ is the
value used by HMDA and the PUDB to indicate a
loan that is not insured or guaranteed by one of the
listed federal agencies. See CFPB, 2018 Reportable
HMDA Data: A Regulatory and Reporting Overview
Reference Chart at 3, https://
files.consumerfinance.gov/f/documents/201710_
cfpb_reportable-hmda-data_regulatory-andreporting-overview-reference-chart.pdf (Aug. 31,
2018).
73 84 FR at 656.
74 12 CFR 1003.4(a)(9)(ii).
75 84 FR at 656.
76 12 CFR 1003.4(a)(10)(iii).
77 84 FR at 659.
78 12 CFR 1003.4(a)(11).
79 For all Type of Purchaser reporting codes, see
2018 CFPB, 2018 Reportable HMDA Data: A
Regulatory and Reporting Overview Reference Chart
at 19, https://files.consumerfinance.gov/f/
documents/201710_cfpb_reportable-hmda-data_
regulatory-and-reporting-overview-referencechart.pdf (Aug. 31, 2018). The CFPB’s 2015
modifications to Type of Purchaser are not relevant
to the Enterprise data. 80 FR at 66197.
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Mae and Freddie Mac. For the PUDB,
the other Type of Purchaser values are
not relevant because, by definition, all
PUDB loans were purchased by the
Enterprises.80 The Enterprise Flag will
continue to be disclosed in all SingleFamily PUDB Files, including the
Census Tract File, without modification.
HOEPA Status: HOEPA Status is an
unchanged HMDA data element that
indicates whether the loan is a HOEPA
loan.81 HOEPA Status is disclosed in the
current PUDB Single-Family Census
Tract File without modification, in
conformance with the CFPB Privacy
Guidance.82 HOEPA Status will
continue to be disclosed in this File
without modification.
Lien Status: Lien Status is a modified
HMDA data element that indicates
whether the loan is Secured by a First
Lien, or Secured by a Subordinate
Lien.83 The current PUDB Single-Family
Census Tract File discloses Lien Status
without modification, in conformance
with the CFPB Privacy Guidance.84 Lien
Status will continue to be disclosed in
this File without modification.
Loan Purpose (Purchase, Refinancing,
and Home Improvement): Loan Purpose
is a modified HMDA data element that
indicates whether the loan was for
Purchase, Refinancing, Cash-Out
Refinancing, Home Improvement, or
Other.85 The Loan Purpose values for
Purchase, Refinancing, and Home
Improvement are disclosed in the
current PUDB Single-Family Census
Tract File without modification and will
continue to be disclosed in this manner
in the Census Tract File, in conformance
with the CFPB Privacy Guidance.86 As
discussed above in Section II.B.1, the
new Cash-Out Refinancing value will be
added to the PUDB.
3. HMDA Single-Family Data Elements
Excluded From the PUDB Due to Data
Quality Questions
FHFA has identified several new
HMDA single-family data elements in
recently updated Enterprise singlefamily loan seller data collections. They
include data elements drawn from the
Enterprises’ Uniform Closing Datasets
80 See
FHFA 2010 Order, 75 FR at 41186.
CFR 1003.4(a)(13). A HOEPA loan is a loan
subject to the Home Ownership and Equity
Protection Act of 1994, as implemented by
Regulation Z, 12 CFR 1026.32, by reason of its
interest rate or its points and fees. The Enterprises
purchase very few such loans.
82 84 FR at 656.
83 12 CFR 1003.4(a)(14). The CFPB modified this
data element to add the lien status for purchased
loans, which is already included in the PUDB. 80
FR at 66201; FHFA 2010 Order, 75 FR at 41184.
84 84 FR at 656.
85 12 CFR 1003.4(a)(3).
86 84 FR at 656.
81 12
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(UCD), and new data elements added in
the Uniform Loan Delivery Dataset
(ULDD) Phase 3. These data elements
have not been included in the SingleFamily PUDB in the past, but are now
subject to inclusion because they are
HMDA data elements that were
collected by the Enterprises in 2018.
However, because these are new data
collections requiring further analysis to
ensure data quality before inclusion in
the PUDB, FHFA is not requiring the
Enterprises to report them at this time
for the PUDB. The data elements are
discussed below.
Total Loan Costs, Origination
Charges, and Lender Credits: These are
new HMDA data elements that
incorporate certain loan cost items from
the closing disclosure required by the
Truth in Lending Act/Real Estate
Settlement Procedures Act Integrated
Disclosure (TRID).87 Total Loan Costs
indicates the loan cost amount in
dollars.88 Origination Charges indicates
the total borrower-paid origination costs
for the loan.89 Lender Credits indicates
any amounts the lender paid to the
borrower to offset closing costs.90
Ethnicity, Race, and Sex: These are
HMDA data elements that indicate the
ethnicity, race, and sex of the borrower
and co-borrower. The Regulation C
amendments expanded the ethnicity
and race categories to include new subgroups.91 The Enterprises required loan
sellers to begin reporting the new
HMDA ethnicity and race data starting
in mid-2019, although some sellers
voluntarily reported the new data in
2018. During this transition period, the
PUDB Single-Family Census Tract File
will continue to disclose ethnicity, race,
and sex data in conformance with the
former HMDA reporting categories.
Legal Entity Identifier (LEI): LEI is a
new HMDA data element that is a
unique identification number associated
87 The CFPB implemented the TRID closing
disclosure to provide a single disclosure to help
consumers understand all of the costs of a mortgage
transaction prior to closing, in accordance with the
direction of the Dodd-Frank Wall Street Reform and
Consumer Protection Act. See CFPB, Integrated
Mortgage Disclosures Under the Real Estate
Settlement Procedures Act (Regulation X) and the
Truth In Lending Act (Regulation Z), Final Rule, 78
FR 79730 (Dec. 31, 2013). Regulation C incorporates
some items exactly from the TRID closing
disclosure. See, e.g., 80 FR at 66211 (defining
Regulation C Origination Charges as the same as
data entered on the closing disclosure). The
Enterprises’ UCD includes the data from the TRID
closing disclosure. See Uniform Closing Dataset
FAQ Updates, at https://www.fanniemae.com/
content/faq/uniform-closing-dataset-faqs.pdf (June
28, 2019) (joint Enterprise publication).
88 12 CFR 1003.4(a)(17)(i).
89 12 CFR 1003.4(a)(18).
90 12 CFR 1003.4(a)(20).
91 12 CFR 1003.4(a)(10)(i); Appendix B to Part
1003.
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with the single legal entity that
originated the loan.92 LEI is the first 20
characters of the 45-character Universal
Loan Identifier (ULI), which is a new
HMDA data element that is collected by
the Enterprises (discussed below in
Section II.B.5.).93 LEI is intended to be
published by the CFPB without
modification, although the ULI is
excluded to protect borrower privacy.94
Rate Spread: Rate Spread is a
modified HMDA data element that
discloses the difference between the
loan’s Annual Percentage Rate and the
‘‘average prime offer rate’’ for a
comparable transaction, to the third
decimal place. Regulation C previously
required that Rate Spread only be
reported for loans where the spread is
at least 1.50 percentage points.95 The
modified HMDA Rate Spread must
report the Rate Spread of any amount
for all loans.96 Rate Spread meeting the
previous HMDA definition is collected
by the Enterprises and currently
disclosed in the PUDB Single-Family
Census Tract File.97 The PUDB SingleFamily Census Tract File will continue
to disclose Rate Spread as previously
defined under HMDA.
4. HMDA Single-Family Data Elements
Not Collected by the Enterprises and
Not Included in the PUDB
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Based on the review of the
Enterprises’ data mapping submissions,
FHFA concluded that the HMDA singlefamily data elements listed below are
not collected by the Enterprises from
loan sellers. All of the data elements
except one relate to loan types not
purchased by the Enterprises and, thus,
are not available for reporting. The
remaining data element, Business or
Commercial Purpose, is partially
represented by other data elements in
the PUDB and FHFA does not require
the Enterprises, while in
conservatorship, to collect the rest of the
data from loan sellers solely to populate
the PUDB. Accordingly, these data
elements are not available for inclusion
in the Single-Family PUDB.
92 12 CFR 1003.4(a)(1) and 1003.5(a)(3). For
purposes of HMDA, the ‘‘originator’’ represented in
the LEI is the ‘‘the financial institution that made
the credit decision approving the application before
closing or account opening.’’ Official
Interpretations, comment 4(a)–2(i).
93 LEI is reported both as part of the ULI under
12 CFR 1003.4(a)(1) and in the HMDA transmittal
sheets under 12 CFR 1003.5(a)(3)(vii). The
Enterprises do not collect HMDA transmittal sheets,
so they currently collect the LEI only via the ULI.
94 84 FR at 657, 660.
95 80 FR at 66197–66198.
96 12 CFR 1003.4(a)(12).
97 FHFA 2010 Order, 75 FR at 41185 (adding a
Rate Spread data element to the PUDB that aligned
with the HMDA 2010 definition).
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Reverse Mortgage, Open-End Line of
Credit, and Prepayment Penalty Term:
Reverse Mortgage indicates that the loan
was a reverse mortgage.98 Open-End
Line of Credit indicates an open-end
line of credit secured by a dwelling,
such as a home equity line of credit.99
Prepayment Penalty Term discloses the
length of any prepayment penalty term
during which a charge is imposed for
pre-paying all or part of the principal
prior to the contractual due date.100 The
Enterprises do not collect these new
HMDA data elements because they
relate to loan types the Enterprises do
not purchase and, thus, are not available
for reporting. Accordingly, these data
elements are not available for inclusion
in the Single-Family PUDB.
Business or Commercial Purpose:
Business or Commercial Purpose
indicates whether the loan was used for
a business or commercial primary
purpose.101 The Enterprise data
partially aligns with the Business or
Commercial Purpose definition in
Regulation C. The Enterprises do not
collect the data needed to determine
whether principal or second residence
single-family loans are Business or
Commercial Purpose under Regulation
C.102 FHFA will not require the
Enterprises to collect this data solely to
populate the PUDB. However, all
Enterprise single-family investor loans
are, by definition, Business or
Commercial Purpose under Regulation
C.103 Because the single-family investor
loan data is already captured in other
PUDB data elements (Number of Units
and Occupancy Code (Investment
Property)), a separate Business or
Commercial Purpose data element will
not be added to the PUDB.
Manufactured Home Secured
Property Type: Manufactured Home
Secured Property Type is a new HMDA
data element that indicates whether a
manufactured home loan was secured
by the land and home, or only the
home.104 Because the Enterprises did
not purchase manufactured home loans
secured only by the home in 2018, they
did not collect this data element and,
98 12
CFR 1003.4(a)(36).
CFR 1003.4(a)(37).
100 12 CFR 1003.4(a)(22); 1026.32(b)(6)(i).
101 12 CFR 1003.4(a)(38).
102 Regulation C requires applying the factors set
out in the Official Interpretation of Regulation Z, 12
CFR 1026.3(a), to determine whether single-family
principle or second residence loans are Business or
Commercial Purpose. See Official Interpretations to
Regulation C, 12 CFR 1003.4(a)(38) and
1003.3(c)(10) (comment 3(c)(10)–2). The Enterprises
do not collect data required to make such
determinations.
103 See Official Interpretations, 4(a)(38), 3(c)(10)–
3(i) and 3(iii).
104 12 CFR 1003.4(a)(29).
99 12
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therefore, it is not available for
inclusion in the Single-Family PUDB.
The Enterprises did purchase
manufactured home loans secured by
both the land and the home in 2018.
These loan purchases will be disclosed
in the PUDB Single-Family Census Tract
File under the Construction Method
data element, which, as discussed above
in Section II.B.2.i., identifies whether
the property is Site Built or a
Manufactured Home.
Total Points and Fees: Total Points
and Fees is a new HMDA data element
that applies to loans covered by the
Ability to Repay rule that were not
subject to the TRID closing disclosure
requirement and, therefore, cannot
report the TRID Total Loan Costs.105
According to the CFPB, these loans
generally are manufactured home loans
secured only by the home as personal
property.106 Such loans must report the
total amount of points and fees
calculated pursuant to Regulation Z,107
which may differ from the TRID Total
Loan Costs. Because neither Enterprise
acquired such loans in 2018, they did
not collect this data element and,
therefore, it is not available for
inclusion in the Single-Family PUDB.
Non-Amortizing Features: NonAmortizing Features is a new HMDA
data element that indicates whether the
loan has any non-amortizing features,
such as Balloon Payments, Interest-Only
Payments, or Negative Amortization.108
The Enterprises indicated that they do
not purchase single-family loans with
any non-amortizing features and, thus,
do not collect this data. This data
element, therefore, is not available for
inclusion in the Single-Family PUDB.
Reason for Denial: Reason for Denial
is a modified HMDA data element that
reports the reason a loan application
was denied.109 Since the PUDB only
contains loans that were purchased by
the Enterprises, this data element is
inapplicable and, thus, not available for
inclusion in the Single-Family PUDB.110
5. HMDA Single-Family Data Elements
Excluded From the PUDB to Protect
Borrower Privacy
FHFA identified several new HMDA
single-family data elements that will be
wholly excluded from the Single-Family
PUDB to protect borrower privacy, in
conformance with the CFPB Privacy
Guidance. In general, these data
105 80
FR at 66208; 12 CFR 1003.4(a)(17).
106 Id.
107 12
CFR 1026.32(b)(1).
CFR 1003.4(a)(27).
109 12 CFR 1003.4(a)(16).
110 This data element was excluded from the
Single-Family PUDB by the FHFA 2010 Order, 75
FR at 41186.
108 12
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elements are unique and could facilitate
re-identification of the borrower. These
data elements are not currently
disclosed in the Single-Family PUDB
and will continue to be withheld.
Accordingly, they are not required to be
reported by the Enterprises to FHFA for
PUDB purposes.
Universal Loan Identifier (ULI): ULI is
a new HMDA data element that
provides a unique identifier for each
HMDA loan record. As discussed above
in Section II.B.3., the ULI includes the
LEI.111 The Enterprises collect ULI from
some loan sellers. Because the ULI is
uniquely identifying, the CFPB Privacy
Guidance intends to exclude it from the
Regulation C dataset.112 In conformance
with the CFPB Privacy Guidance, the
ULI will be excluded from the SingleFamily PUDB.113
Application Date: Application Date is
an unchanged HMDA data element that
indicates the date the loan application
was received or the date shown on the
loan application form.114 The
Enterprises collect Application Date.
Because Application Date presents
borrower privacy concerns, the CFPB
intends to exclude it from its public
dataset.115 In conformance with the
CFPB Privacy Guidance, Application
Date will continue to be excluded from
the Single-Family PUDB.
Property Address: Property Address is
a new HMDA data element that
indicates the address of the property
securing the loan.116 The Enterprises
collect Property Address. Because
Property Address is uniquely
identifying, the CFPB intends to exclude
it from its public dataset.117 In
conformance with the CFPB Privacy
Guidance, Property Address will
continue to be excluded from the
Single-Family PUDB.
Credit Score: Credit Score is a new
HMDA data element indicating the
credit score relied on by the lender to
make the decision on the loan
application.118 Credit Score is currently
published in ranges in the PUDB SingleFamily National File C, in accordance
with FHFA’s statutory requirement to
publish high-cost securitized mortgage
data, which includes data about
borrower creditworthiness.119 The CFPB
111 12
CFR 1003.4(a)(1)(i).
FR at 660.
113 Any reported Non-Universal Loan Identifier
(NULI) would also be excluded from the PUDB to
conform to the CFPB Privacy Guidance. Id.
114 12 CFR 1003.4(a)(1)(ii).
115 84 FR at 660.
116 12 CFR 1003.4(a)(9)(i).
117 84 FR at 663.
118 12 CFR 1003.4(a)(15)(i).
119 12 U.S.C. 4546(d)(2); FHFA 2011 Order, 76 FR
at 60034.
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requires Credit Score to be reported by
lenders, but intends to exclude it from
disclosure in its public dataset.120 FHFA
will continue disclosing Credit Score in
the PUDB Single-Family National File C
in ranges to fulfill its separate statutory
obligation to publish high-cost
securitized mortgage data, but will not
add it to the Census Tract File in order
to remain aligned with the CFPB
Privacy Guidance.
Nationwide Mortgage Licensing
System and Registry ID (NMLSR ID):
NMLSR ID is a new HMDA data element
that identifies the mortgage loan
originator, as defined in Regulation G 121
or Regulation H,122 as applicable.123
The Enterprises collect NMLSR ID.
Because NMLSR ID could identify a
borrower, the CFPB Privacy Guidance
intends to exclude it from the CFPB’s
public dataset.124 In conformance with
the CFPB Privacy Guidance, NMLSR ID
will continue to be excluded from the
Single-Family PUDB.
Automated Underwriting System
Result (AUS Result): AUS Result is a
new HMDA data element that identifies
the result provided by any AUS used to
evaluate a loan application.125 The
Enterprises collect AUS Result. The
CFPB Privacy Guidance intends to
exclude AUS Result from the CFPB’s
public dataset because it presents
borrower privacy concerns.126 In
conformance with the CFPB Privacy
Guidance, AUS Result will continue to
be excluded from the Single-Family
PUDB.
C. Multifamily PUDB
1. New or Modified HMDA Multifamily
Data Elements Added to the PUDB
The following multifamily data
elements added or modified by the
amended Regulation C will be added to
the PUDB Multifamily Census Tract
File.
Prepayment Penalty Term:
Prepayment Penalty Term is a new
HMDA data element that indicates the
length of any prepayment penalty term
during which a charge is imposed for
pre-paying all or part of the principal
prior to the contractual due date.127 The
Enterprises collect this data element.
Prepayment Penalty Term will be
disclosed without modification in the
PUDB Multifamily Census Tract File, in
120 84
FR at 665.
CFR 1007.102.
122 12 CFR 1008.23.
123 12 CFR 1003.4(a)(34).
124 84 FR at 667.
125 12 CFR 1003.4(a)(35).
126 84 FR at 668.
127 12 CFR 1003.4(a)(22); 1026.32(b)(6)(i).
121 12
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conformance with the CFPB Privacy
Guidance.128
Property Value: Property Value is a
new HMDA data element that indicates
the value of the property securing the
loan, in exact dollars, that was relied on
by the lender in making the credit
decision to originate the loan.129 The
Enterprises collect this data element.
Because Property Value can be highly
unique within a census tract, the CFPB
Privacy Guidance intends to require that
it be disclosed as the midpoint of the
$10,000 interval in which the reported
value falls in order to reduce the ability
to match the loan with other sources of
data and facilitate re-identification of
the borrower.130 The PUDB Multifamily
Census Tract File will disclose Property
Value with the same modification, in
conformance with the CFPB Privacy
Guidance.
Combined Loan-to-Value (CLTV):
CLTV is a new HMDA data element that
indicates the ratio at origination of the
total amount of debt secured by the
property to the value of the property
relied on in making the credit decision
(discussed above), disclosed as a
percentage.131 The Enterprises collect
this data element as LTV or CLTV where
available. LTV or CLTV will be
disclosed without modification in the
PUDB Multifamily Census Tract File,
without disclosing whether the value is
CLTV or LTV, in conformance with the
CFPB Privacy Guidance.132
Interest Rate: Interest Rate is a new
HMDA data element that reports the
actual note rate on the loan as a
percentage to at least three decimal
places.133 The Enterprises collect this
data element. Interest Rate will be
disclosed in the PUDB Multifamily
Census Tract File without modification,
in conformance with the CFPB Privacy
Guidance.134
Non-Amortizing Features: NonAmortizing Features is a new HMDA
data element that indicates whether the
loan has non-amortizing loan features,
including Balloon Payment, InterestOnly Payments, Negative Amortization,
or Other Non-Amortizing Feature.135
128 84
FR at 656.
CFR 1003.4(a)(28).
130 84 FR at 663.
131 12 CFR 1003.4(a)(24). Some multifamily CTLV
data reported by the Enterprises may reflect
multiple loans and/or multiple properties.
132 84 FR at 656.
133 12 CFR 1003.4(a)(21); CFPB, 2018 Reportable
HMDA Data: A Regulatory and Reporting Overview
Reference Chart at 27, https://
files.consumerfinance.gov/f/documents/201710_
cfpb_reportable-hmda-data_regulatory-andreporting-overview-reference-chart.pdf (Aug. 31,
2018).
134 84 FR at 656.
135 12 CFR 1003.4(a)(27).
129 12
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The Enterprises indicated that they
collect the same HMDA data values for
this data element. Accordingly, NonAmortizing Features will be disclosed
without modification in the PUDB
Multifamily Census Tract File, in
conformance with the CFPB Privacy
Guidance.136
Multifamily Affordable Units:
Multifamily Affordable Units is a new
HMDA data element that indicates the
exact number of individual dwelling
units related to the property that are
income-restricted under federal, state, or
local affordable housing programs.137
The Enterprises indicated that they
collect this data. Multifamily Affordable
Units will be disclosed as a percentage
of total units in the PUDB Multifamily
Census Tract File, in conformance with
the CFPB Privacy Guidance.138
Loan Amount (Note Amount): Loan
Amount is a modified HMDA data
element that identifies the Note Amount
and the UPB at the time of purchase
(discussed below in Section II.C.2.i.).
The Enterprises collect both data
element values. The current PUDB
Multifamily Census Tract File does not
include Note Amount. A new data
element for Note Amount that will
identify the amount to be repaid as
disclosed on the legal obligation will be
added to the PUDB Multifamily Census
Tract File. Note Amount will be
disclosed as the midpoint of the $10,000
interval in which the actual amount
falls, in conformance with the CFPB
Privacy Guidance.139
Loan Purpose (Cash-Out Refinancing):
Loan Purpose is a modified HMDA data
element that indicates whether the loan
was for Purchase, Refinancing, Home
Improvement, Cash-Out Refinancing, or
Other. The Regulation C amendments
added the values for Cash-Out
Refinancing 140 and Other. (The other
Loan Purpose values are discussed
separately below in Section II.C.2.ii.).
Fannie Mae indicated that it collects
Cash-Out Refinancing for multifamily
loans, but Freddie Mac indicated that it
does not. Cash-Out Refinancing will be
added without modification to the
PUDB Multifamily Census Tract File as
a value for Loan Purpose, in
conformance with the CFPB Privacy
Guidance.141
136 84
FR at 656.
CFR 1003.4(a)(32).
FR at 666–667.
139 84 FR at 661.
140 12 CFR 1003.4(a)(3). ‘‘Cash-Out Refinancing’’
is defined as a loan that ‘‘the institution considered
to be a cash-out refinancing in processing the
application or setting the terms (such as the interest
rate or origination charges) under its guidelines or
an investor’s guidelines.’’ Official Interpretations,
comment 4(a)(3)–2.
141 84 FR at 656.
137 12
Construction Method: Construction
Method is a new HMDA data element
that discloses some of the same
information as the former HMDA
Property Type.142 Construction Method
indicates whether the property is Site
Built or a Manufactured Home. In the
multifamily context, Manufactured
Home refers to manufactured home
communities.143 Construction Method is
collected by the Enterprises but is not
currently disclosed in the Multifamily
PUDB. Construction Method will be
disclosed without modification in the
PUDB Multifamily Census Tract File, in
conformance with the CFPB Privacy
Guidance.144
Loan Term: Loan Term is a new
HMDA data element that indicates the
number of months until the loan reaches
maturity.145 For purchased loans, Loan
Term is measured from origination.146
Loan Term will be disclosed without
modification in the PUDB Multifamily
Census Tract File, in conformance with
the CFPB Privacy Guidance.147
Previously, Loan Term had been
withheld from the PUDB on proprietary
grounds.
2. HMDA Multifamily Data Elements
Already in the PUDB
i. Disclosure Changes in the PUDB
The multifamily data elements listed
below were previously withheld from
the PUDB or disclosed in the PUDB
with proprietary protections, but were
defined by the Regulation C
amendments as HMDA data elements in
2018 and must now be disclosed.148 The
data elements previously disclosed only
in the National File that must now be
disclosed in the Census Tract File will
continue to be disclosed in the National
File as well as being added to the
Census Tract File. All of the data
elements will be modified as
appropriate in the PUDB to conform to
the CFPB Privacy Guidance.
Total Units: The Regulation C
amendments added a new Total Units
data element that discloses the number
of units in ranges.149 The PUDB
Multifamily National File previously
included a data element called Total
Number of Units that disclosed the
actual number of units without
modification. Because Total Number of
Units is now a HMDA data element, it
will be added to the Census Tract File.
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142 12
CFR 1003.4(a)(5) and (31).
Interpretations, comment 4(a)(5)–2.
144 84 FR at 656.
145 12 CFR 1003.4(a)(25).
146 Official Interpretations, comment 4(a)(25)–3.
147 84 FR at 656.
148 12 U.S.C. 4543(b)(2).
149 80 FR at 66157, 66227.
143 Official
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It will now be disclosed in the National
File in ranges, rather than as the actual
number of units as previously disclosed.
This conforms to the CFPB Privacy
Guidance, except for a minor change to
the CFPB’s intended ranges.150
Action Taken Date (Loan Originated):
Action Taken Date is an unchanged
HMDA data element that reports the
action, and the date that action was
taken.151 For the Enterprise data and
PUDB purposes, the relevant HMDA
Action Taken Date values are Loan
Originated and Purchased Loan
(discussed below in Section II.C.2.ii.).152
The CFPB intends to withhold all
Action Taken Dates from its public
dataset since the exact dates could be
used to match to other public datasets
with individually identifying
information.153 However, the year of
origination or purchase can always be
inferred from the CFPB’s public dataset
because it only contains loans that were
originated or purchased in that year—
e.g., the dataset with 2018 data only
contains loans originated or purchased
in 2018. The current PUDB Multifamily
National File includes a field for Date of
Mortgage Note that conforms with the
HMDA Loan Originated value. Date of
Mortgage Note is modified in the
current PUDB to disclose whether the
loan was originated in the same year it
was acquired, or in any prior year. To
conform with the CFPB Privacy
Guidance, Date of Mortgage Note will be
disclosed in the Census Tract File. This
modification conforms with the CFPB’s
intended withholding of the actual date
since the year of origination can be
inferred from the year of the CFPB’s
public dataset.
Loan Amount (UPB): Loan Amount is
a modified HMDA data element that
identifies the Note Amount (discussed
above in Section II.C.1.) and the UPB at
the time of purchase.154 The current
150 84 FR at 666–667. FHFA’s Total Units ranges
will differ slightly from the CFPB’s intended ranges.
The CFPB discloses the number of units in the
ranges 5 to 24, 25 to 49, 50 to 99, and 100 to 149,
with top-coding. FHFA will change the 25–49 and
50–99 bins to 25–50 and 51–99, to align with
FHFA’s definition of ‘‘small multifamily property.’’
See 12 CFR 1282.1.
151 12 CFR 1003.4(a)(8)(i)(A) and (ii). The PUDB
combines Action Taken and Action Taken Date,
since there is only one possible action by the
Enterprises (purchase) but two available dates in
the Enterprise data (origination and purchase).
152 Action Taken also requires reporting actions
that do not apply to originated loans (e.g.,
application denied). 12 CFR 1003.4(a)(8)(i)(B) and
(C). Since the PUDB only contains data on
originated loans, and the Enterprises do not collect
data on loans that were not originated, these values
are not relevant.
153 84 FR at 663.
154 12 CFR 1003.4(a)(7)(i). Where more than one
property collateralizes a loan and/or loans, the
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PUDB Multifamily Census Tract File
includes a data element named
Acquisition UPB that aligns with the
UPB at the time of purchase.
Acquisition UPB was previously
rounded to the nearest $1,000 in the
PUDB. Acquisition UPB will continue to
be disclosed in the Census Tract File,
but the disclosure will be changed to the
midpoint of the $10,000 interval in
which the actual amount falls, in
accordance with the CFPB Privacy
Guidance.155
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ii. No Disclosure Changes in the PUDB
The HMDA multifamily data elements
listed below are currently disclosed in
the PUDB Multifamily Census Tract File
and were unchanged by the Regulation
C amendments, or modified in a way
that is irrelevant to Enterprise data.
Accordingly, they will continue to be
disclosed in the same manner in this
File. No changes in reporting or
disclosure are necessary to conform
with Regulation C.
Action Taken Date (Purchased Loan):
Action Taken Date is an unchanged
HMDA data element that indicates the
action, and the date that action was
taken.156 For the Enterprise data and
PUDB purposes, the relevant HMDA
Action Taken Date values are Loan
Originated (discussed above in Section
II.C.2.i.) and Purchased Loan. Action
Taken Date for Purchased Loans is the
date the loan was purchased from an
originator.157 To protect borrower
privacy, the CFPB intends to withhold
this date from its public dataset, but the
year of purchase can be inferred from
the year of the dataset, which contains
data on loans purchased in a single
calendar year. Likewise, the year of
Enterprise acquisition can be inferred
from the year of the PUDB, which only
contains data on loans acquired by the
Enterprises in a single calendar year.
Accordingly, no data elements need to
be added to the PUDB Multifamily
Census Tract File to conform with
Regulation C.
Loan Type: Loan Type is an
unchanged HMDA data element that
indicates whether the loan was insured
by the Federal Housing Administration,
guaranteed by the Department of
Veterans Affairs, guaranteed by the
Rural Housing Service or the Farm
Service Agency, or Conventional.158 The
current PUDB Multifamily Census Tract
File includes a data element for Federal
acquisition UPB is allocated among the properties
in the multifamily data collected by the Enterprises.
155 84 FR at 661.
156 12 CFR 1003.4(a)(8)(i)(A) and (ii).
157 12 CFR 1003.4(a)(8)(A).
158 12 CFR 1003.4(a)(2).
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Guarantee which conforms with HMDA
Loan Type. Federal Guarantee will
continue to be disclosed without
modification in the PUDB Multifamily
Census Tract File, in conformance with
the CFPB Privacy Guidance.159
Property Location: Property Location
is an unchanged HMDA element that
indicates the State, County, and Census
Tract location of the mortgaged
property.160 These data values are
currently disclosed without
modification in the PUDB Multifamily
Census Tract File, in conformance with
the CFPB Privacy Guidance.161 They
will continue to be disclosed in this
manner in this File.
Type of Purchaser: Type of Purchaser
is a modified HMDA data element that
indicates the type of purchaser for loans
sold within the same calendar year as
origination.162 This includes separate
values for Fannie Mae and Freddie
Mac.163 All Files in the current
Multifamily PUDB include an
Enterprise Flag, which is equivalent to
the HMDA Type of Purchaser values for
Fannie Mae and Freddie Mac. For
purposes of the PUDB, the other Type
of Purchaser values are not relevant
because, by definition, all PUDB loans
were purchased by the Enterprises. The
Enterprise Flag will continue to be
disclosed without modification in all
Multifamily PUDB Files, including the
Census Tract File.
Lien Status: Lien Status is a modified
HMDA data element that indicates
whether the property is Secured by a
First Lien, or Secured by a Subordinate
Lien.164 The current PUDB Multifamily
Census Tract File discloses lien status
for purchased loans without
modification, in conformance with the
CFPB Privacy Guidance, and will
continue to do so.165
Loan Purpose (Purchase, Refinancing,
and Home Improvement): Loan Purpose
is a modified HMDA data element that
indicates whether the loan was for
Purchase, Refinancing, Cash-Out
Refinancing, Home Improvement, or
Other.166 The Loan Purpose values for
Purchase, Refinancing, and Home
Improvement are disclosed in the
current PUDB Multifamily Census Tract
159 84
FR at 656.
CFR 1003.4(a)(9)(ii).
161 84 FR at 656.
162 12 CFR 1003.4(a)(11).
163 See FHFA 2010 Order, 75 FR at 41186.
164 12 CFR 1003.4(a)(14). The CFPB modified this
data element to include the lien status for
purchased loans. 80 FR at 66201. Since FHFA
already requires the Enterprises to report all data
they possess, regardless of HMDA loan purchaser
requirements, this modification does not impact the
Enterprise data.
165 84 FR at 656.
166 12 CFR 1003.4(a)(3).
160 12
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File without modification, and will
continue to be disclosed in this manner
in the Census Tract File, in conformance
with the CFPB Privacy Guidance.167
(The new Loan Purpose value for CashOut Refinancing is discussed separately
above in Section II.C.1.)
3. HMDA Multifamily Data Elements
Not Collected by the Enterprises and
Not Included in the PUDB
Based on the review of the
Enterprises’ data mapping submissions,
FHFA concluded that the HMDA
multifamily data elements listed below
are not collected by the Enterprises from
loan sellers, or are related to loan types
not purchased by the Enterprises, and
are, thus, not available for reporting.
FHFA does not require the Enterprises,
while in conservatorship, to collect data
from loan sellers solely to populate the
PUDB. Accordingly, these data elements
are not available for inclusion in the
Multifamily PUDB.
The data elements are: Universal Loan
Identifier/Legal Entity Identifier,
Occupancy Type, Ethnicity/Race/Sex,
Age, Reason for Denial, Total Loan
Costs, Total Points and Fees,
Origination Charges, Discount Points,
Lender Credits, HOEPA Status,
Introductory Rate Period, NMLSR ID,
AUS Name, AUS Result, Reverse
Mortgage, Business or Commercial
Purpose,168 Open-End Line of Credit,
Credit Scoring Model, Application
Channel, and Rate Spread.
4. HMDA Multifamily Data Elements
Excluded From the PUDB To Protect
Borrower Privacy
FHFA identified three HMDA
multifamily data elements that are
collected by the Enterprises and will be
wholly excluded from the Multifamily
PUDB to protect borrower privacy, in
conformance with the CFPB Privacy
Guidance. These data elements,
discussed below, are not currently
disclosed in the Multifamily PUDB and
are not required to be reported by the
Enterprises to FHFA for PUDB
purposes.169
Application Date: Application Date is
an unchanged HMDA data element that
indicates the date the loan application
167 84
FR at 656.
the Enterprises do not collect any
specific data on Regulation C’s Business or
Commercial Purpose data element, all multifamily
loans are, by definition, Business or Commercial
loans under HMDA. See Official Interpretations,
comment 3(c)(10)–3(i). Thus, all loans in the PUDB
Multifamily Files are Business or Commercial
Purpose and no additional data element is required
to be reported or disclosed in the PUDB.
169 FHFA may, however, require the Enterprises
to report these data elements to FHFA for other
purposes.
168 Although
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was received or the date shown on the
loan application form. Application Date
is collected by the Enterprises.170
Because Application Date presents
borrower privacy concerns, the CFPB
Privacy Guidance intends to exclude it
from the CFPB’s public dataset.171
Accordingly, Application Date will not
be included in the Multifamily PUDB,
in conformance with the CFPB Privacy
Guidance.
Property Address: Property Address is
a new HMDA data element that
indicates the address of the property
securing the loan.172 Property Address
is collected by the Enterprises. Because
Property Address is uniquely
identifying, the CFPB Privacy Guidance
intends to exclude it from its public
dataset.173 Accordingly, Property
Address will not be included in the
Multifamily PUDB, in conformance with
the CFPB Privacy Guidance.
Credit Score: Credit Score is a new
HMDA data element that indicates the
credit score relied on by the lender to
make the decision on the application.174
The Enterprises collect Credit Score for
some natural person multifamily
borrowers. The CFPB requires Credit
Score to be reported, but the CFPB
Privacy Guidance intends to exclude it
from disclosure in the CFPB’s public
dataset.175 Accordingly, Credit Score
will not be included in the Multifamily
PUDB, in conformance with the CFPB
Privacy Guidance.
5. Multifamily Data Elements Exempt
From HMDA
Under Regulation C, Preapproval,
Income, Debt-to-Income, Manufactured
Home Secured Property Type, and
Manufactured Home Land Property
Interest data are not reported for
multifamily loans.176 Accordingly, these
are not HMDA data elements for PUDB
purposes. They are not included in the
current Multifamily PUDB and will not
be added to the Multifamily PUDB.
lotter on DSK9F5VC42PROD with NOTICES
IV. Duty To Serve Geographic
Indicators Added to the PUDB
FHFA’s Order revises the PUDB
single-family and multifamily matrices
to add in the Census Tract Files
geographic indicators that correspond to
regions of focus under the Duty to Serve
program.177 The geographic identifiers
include codes for Rural, Lower
Mississippi Delta, Middle Appalachia,
170 12
CFR 1003.4(a)(1)(ii).
FR at 660.
172 12 CFR 1003.4(a)(9)(i).
173 84 FR at 663.
174 12 CFR 1003.4(a).
175 84 FR at 665.
176 Official Interpretations, comment 2(n)–2.
177 12 CFR part 1282, subpart C.
171 84
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Persistent Poverty County, Area of
Concentrated Poverty, and High
Opportunity Area. These codes will not
flag individual loans purchased by the
Enterprises that actually qualified for
Duty to Serve credit, but rather whether
the mortgage property is located in one
of these geographical areas that the Duty
to Serve regulation identifies for
Enterprise efforts.
Since the geographic indicators can
already be derived from the census tract
disclosed in the PUDB Census Tract
Files and other public data, they will
not introduce any new privacy or
proprietary data concerns, nor will they
necessitate any additional reporting by
the Enterprises.
The Safety and Soundness Act
provides that the Director shall make
the required PUDB data elements public
in forms useful to the public.178 Adding
the geographic indicators in the PUDB
will provide greater transparency to the
public about the Enterprises’ Duty to
Serve activities.
V. Order
For the convenience of the affected
parties, and the public, the Order is
recited below in its entirety. The Order
is also available for public inspection
and copying at FHFA’s Freedom of
Information Act (FOIA) Reading Room
at https://www.fhfa.gov/AboutUs/
FOIAPrivacy/Pages/Reading-Room.aspx
by clicking on ‘‘Click here to view
Orders’’ under the Final Opinions and
Orders heading.
The text of the Orders is as follows:
Federal Housing Finance Agency
Order Nos. 2020–OR–FNMA–2; and
2020–OR–FHLMC–2.
Revisions to Data Requirements for
Enterprise Public Use Database To
Include New Home Mortgage Disclosure
Act Data Elements
Whereas, the Federal Housing
Enterprises Financial Safety and
Soundness Act of 1992 (Safety and
Soundness Act) (12 U.S.C. 4543)
requires the Federal Housing Finance
Agency (FHFA) to make available
annually to the public certain loan-level
mortgage data elements related to
single-family and multifamily mortgages
purchased by the Federal National
Mortgage Association (Fannie Mae) and
the Federal Home Loan Mortgage
Corporation (Freddie Mac) (collectively,
the Enterprises) in a calendar year;
Whereas, FHFA publishes annually
the required Enterprise mortgage data
elements in an Enterprise Public Use
Database (PUDB);
178 12
PO 00000
U.S.C. 4543(a)(1).
Frm 00048
Fmt 4703
Sfmt 4703
34207
Whereas, the mortgage data elements
for the PUDB are submitted by Fannie
Mae and Freddie Mac to FHFA in the
reports required under section 309(m) of
the Federal National Mortgage
Association Charter Act (12 U.S.C.
1723a(m)) and section 307(e) of the
Federal Home Loan Mortgage
Corporation Act (12 U.S.C. 1456(e)),
respectively, and in other submissions
to FHFA;
Whereas, the Safety and Soundness
Act (12 U.S.C. 4543(a)(2), 4546(d)(1))
further provides that the mortgage data
elements must include data elements
that are the same as those required to be
reported under the Home Mortgage
Disclosure Act of 1975 (HMDA) (12
U.S.C. 2801 et seq.), which must be
made available to the public at the
census tract level, subject to privacy
considerations, as described in section
304(j) of HMDA (12 U.S.C. 2803(j)), and
thus may not be withheld from public
disclosure notwithstanding any
Enterprise proprietary interests;
Whereas, in 2015, the Consumer
Financial Protection Bureau (CFPB)
added new definitions for HMDA data
elements in amendments to Regulation
C (12 CFR part 1003), which took effect
on January 1, 2018 for mortgages
originated in 2018 and thereafter;
Whereas, as a result of the Regulation
C amendments, any new data elements
collected by the Enterprises that
conform to the new HMDA definitions
in Regulation C must be added to the
PUDB;
Whereas, FHFA identified the data
elements collected by the Enterprises in
2018 that conform to the new HMDA
definitions in Regulation C that are of
appropriate data quality for public
disclosure;
Whereas, section 304(j)(2)(B) of
HMDA (12 U.S.C. 2803(j)(2)(B))
provides that the CFPB shall protect any
privacy interest of borrowers in the
release of HMDA data elements, and the
CFPB has issued privacy guidance to
implement the HMDA statutory privacy
requirements (84 FR 649 (Jan. 31,
2019));
Whereas, pursuant to the requirement
under the Safety and Soundness Act to
consider the HMDA privacy
requirements for HMDA data elements
published in the PUDB, FHFA is
following the CFPB privacy guidance for
all of the HMDA data elements in the
PUDB, with one minor change to the
manner of disclosure of multifamily
Total Units;
Whereas, pursuant to the Safety and
Soundness Act (12 U.S.C. 4543(a)(1)),
the Director shall make the required
data elements public in forms useful to
the public, and has determined that
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adding certain geographic indicators
that correspond to certain regions of
focus under the Enterprise Duty to Serve
program (12 CFR part 1282, subpart C)
will help provide greater transparency
to the public about the Enterprises’ Duty
to Serve activities;
Whereas, to comply with the Safety
and Soundness Act, it is necessary for
FHFA to make changes to the data fields
in the single-family and multifamily
matrices of the PUDB, which set forth
the data required to be submitted for the
PUDB and the privacy and proprietary
modifications to that data, as directed in
this Order;
Now, therefore, it is hereby ordered as
follows:
1. The data fields in the single-family
and multifamily matrices of the PUDB
are revised as set forth in the matrices
published on the FHFA website at
https://www.fhfa.gov/DataTools/
Downloads/Pages/Public-UseDatabases.aspx, which are incorporated
herein by reference, to include:
(a) The data elements that are the
same as those required to be reported
under HMDA, pursuant to 12 U.S.C.
4543(a)(2) and 4546(d)(1), except for
certain newly collected data elements
that require further analysis to ensure
data quality before inclusion in the
PUDB;
(b) Revised proprietary and privacy
protections, including the disclosure of
data elements previously withheld or
modified on proprietary grounds that
are no longer eligible for proprietary
protection under 12 U.S.C. 4543(b)(2);
and
(c) Certain Duty to Serve geographic
indicators;
2. The Enterprises shall provide to
FHFA the mortgage data elements
required to populate the data fields
described in the single-family and
multifamily matrices for inclusion in
the 2018 PUDB no later than four weeks
from the date of this Order, pursuant to
instructions issued by FHFA staff, and
shall provide such data elements
annually thereafter to FHFA for future
PUDBs in accordance with applicable
FHFA regulations and any additional
instructions issued by FHFA staff;
3. This Order modifies the FHFA
Order on the Public Use Database for
Enterprise Mortgage Purchases, dated
July 1, 2010 (75 FR 41180, 41189) (July
15, 2010), and the FHFA Order on
Revisions to Enterprise Public Use
Database Incorporating High-Cost
Single-Family Securitized Loan Data
Fields and Technical Data Field
Changes, dated Sept. 21, 2011 (76 FR
60031, 60036) (Sept. 28, 2011); and
4. A new 2018 PUDB shall be released
by FHFA containing the data elements
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18:35 Jun 02, 2020
Jkt 250001
for loans acquired by the Enterprises in
2018 added by this Order, replacing the
interim PUDB released on September
23, 2019, which does not include the
new HMDA data elements or Duty to
Serve geographic indicators.
It is so ordered, this the 27th day of
May, 2020.
This Order is effective immediately.
Signed at Washington, DC, this 27th day of
May, 2020.
Mark A. Calabria,
Director, Federal Housing Finance Agency.
[FR Doc. 2020–11819 Filed 6–2–20; 8:45 am]
BILLING CODE 8070–01–P
FEDERAL MARITIME COMMISSION
Notice of Agreements Filed
The Commission hereby gives notice
of the filing of the following agreements
under the Shipping Act of 1984.
Interested parties may submit
comments, relevant information, or
documents regarding the agreements to
the Secretary by email at Secretary@
fmc.gov, or by mail, Federal Maritime
Commission, Washington, DC 20573.
Comments will be most helpful to the
Commission if received within 12 days
of the date this notice appears in the
Federal Register. Copies of agreements
are available through the Commission’s
website (www.fmc.gov) or by contacting
the Office of Agreements at (202) 523–
5793 or tradeanalysis@fmc.gov.
Agreement No.: 012426–005.
Agreement Name: The OCEAN
Alliance Agreement.
Parties: American President Lines,
LLC; APL Co. Pte. Ltd.; CMA CGM S.A.;
COSCO SHIPPING Lines Co., Ltd.;
Evergreen Line Joint Service Agreement;
OOCL (Europe) Limited, and Orient
Overseas Container Line Limited.
Filing Party: Robert Magovern; Cozen
O’Connor.
Synopsis: The Amendment adds
Bahrain, Iraq, and Oman to the
geographic scope of the Agreement.
Proposed Effective Date: 7/11/2020.
Location: https://www2.fmc.gov/
FMC.Agreements.Web/Public/
AgreementHistory/1214.
FEDERAL RESERVE SYSTEM
Notice of Proposals To Engage in or
To Acquire Companies Engaged in
Permissible Nonbanking Activities
The companies listed in this notice
have given notice under section 4 of the
Bank Holding Company Act (12 U.S.C.
1843) (BHC Act) and Regulation Y, (12
CFR part 225) to engage de novo, or to
acquire or control voting securities or
assets of a company, including the
companies listed below, that engages
either directly or through a subsidiary or
other company, in a nonbanking activity
that is listed in § 225.28 of Regulation Y
(12 CFR 225.28) or that the Board has
determined by Order to be closely
related to banking and permissible for
bank holding companies. Unless
otherwise noted, these activities will be
conducted throughout the United States.
Each application is available for
inspection at the Federal Reserve Bank
as indicated. The application also will
be available for inspection at the offices
of the Board of Governors. Interested
persons may express their views in
writing on the question whether the
proposal complies with the standards of
section 4 of the BHC Act.
Unless otherwise noted, comments
regarding the applications must be
received at the Reserve Bank indicated
or the offices of the Board of Governors,
Ann E. Misback, Secretary of the Board,
20th Street and Constitution Avenue
NW, Washington DC 20551–0001, not
later than June 22, 2020.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. Bath State Bancorp Employee Stock
Ownership Plan With 401(k) Provisions,
Bath, Indiana; to acquire voting shares
of Bath State Bancorp, and indirectly
acquire voting shares of Bath State
Bank, both of Bath, Indiana, and thereby
engage in extending credit and servicing
loans pursuant to Section 225.28(b)(1) of
Regulation Y.
Board of Governors of the Federal Reserve
System, May 28, 2020.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2020–11903 Filed 6–2–20; 8:45 am]
BILLING CODE P
FEDERAL RESERVE SYSTEM
Dated: May 29, 2020.
Rachel Dickon,
Secretary.
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
[FR Doc. 2020–11940 Filed 6–2–20; 8:45 am]
The notificants listed below have
applied under the Change in Bank
BILLING CODE 6730–02–P
PO 00000
Frm 00049
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E:\FR\FM\03JNN1.SGM
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]]>Agencies
[Federal Register Volume 85, Number 107 (Wednesday, June 3, 2020)]
[Notices]
[Pages 34196-34208]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11819]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
[No. 2020-N-11]
Notice of Order: Revisions to Data Requirements for Enterprise
Public Use Database To Include New Home Mortgage Disclosure Act Data
Elements
AGENCY: Federal Housing Finance Agency.
ACTION: Notice of order.
-----------------------------------------------------------------------
SUMMARY: An Order issued by the Federal Housing Finance Agency (FHFA)
on May 27, 2020 revises data requirements for the Enterprise Public Use
Database (PUDB) and modifies FHFA's previous Enterprise PUDB Orders
issued in 2010 and 2011. The Enterprise PUDB contains data related to
single-family and multifamily mortgages purchased by the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan
Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) in a
calendar year. FHFA publishes the PUDB annually pursuant to the
requirements of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992 (Safety and Soundness Act). The Order revises the
PUDB to include data elements that the Enterprises collected in 2018
from their loan sellers that are the same as those required to be
reported under the Home Mortgage Disclosure Act of 1975 (HMDA), and
sets out the privacy protections for the HMDA data. The Order also adds
geographic indicators related to the Enterprise Duty to Serve program
to the Enterprise PUDB to provide greater transparency to the public
about the Enterprises' Duty to Serve activities. All the data
specifications set out in the Order apply to future annual PUDB
releases, until further modified by FHFA. A new 2018 PUDB will be
released by FHFA containing the data elements added by the Order,
replacing an interim PUDB released on September 23, 2019 that does not
include the new HMDA data elements or Duty to Serve geographic
indicators. The revised matrices setting out the PUDB data requirements
and privacy and proprietary protection modifications are available on
FHFA's website at https://www.fhfa.gov/DataTools/Downloads/Pages/Public-Use-Databases.aspx. The expansion of the PUDB data requirements
will enhance transparency about the Enterprises' mortgage purchase
activities.
DATES: The Order is applicable May 27, 2020.
FOR FURTHER INFORMATION CONTACT: For questions on data or methodology,
contact Ian Keith, Senior Program Analyst, (202) 649-3114,
[email protected]; for legal questions, contact Maura Dundon,
Assistant General Counsel, (202) 649-3961, [email protected], or
Sharon Like, Managing Associate General Counsel, (202) 649-3057,
[email protected] (these are not toll-free numbers); Federal Housing
Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The
Telecommunications Device for the Deaf is (800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
A. Statutory and Regulatory Requirements
The Safety and Soundness Act, as amended by the Housing and
Economic Recovery Act of 2008 (HERA), requires FHFA to make publicly
available, by September 30 of each year, certain loan-level mortgage
data elements related to single-family and multifamily mortgages
purchased by the Enterprises in the previous calendar year.\1\ FHFA
publishes the required Enterprise mortgage data annually in the
Enterprise PUDB.\2\ The data elements in the PUDB, and their privacy or
proprietary modifications, are set out in matrices and data
dictionaries.\3\
---------------------------------------------------------------------------
\1\ 12 U.S.C. 4543, 4546(d). Section 1122 of HERA transferred
authority over these public data requirements from the Department of
Housing and Urban Development (HUD) to FHFA. Public Law 110-289, 122
Stat. 2689 (July 30, 2008). A HUD regulation still in effect at FHFA
sets out the general standards and procedures governing the
Enterprise PUDB. 24 CFR Subpart F (Sec. Sec. 81.71-81.75). HERA
section 1302 provides that all HUD regulations ``shall remain in
effect . . . until modified, terminated, set aside, or superseded''
by FHFA. 12 U.S.C. 4511 note. Because FHFA has not yet adopted its
own regulation governing the PUDB, FHFA administers the PUDB under
the HUD regulation's general standards and procedures and FHFA
Orders applying them to the data published in the PUDB.
\2\ The Enterprise PUDBs are available on FHFA's website at
https://www.fhfa.gov/DataTools/Downloads/Pages/Public-Use-Databases.aspx. HUD continues to host the pre-HERA PUDB datasets at
https://www.huduser.gov/portal/datasets/gse.html.
\3\ The matrices for the PUDB prior to this revision are
published at 76 FR at 60037-60046. The updated matrices have been
published on the FHFA website at the link indicated in the SUMMARY
above. The data dictionaries will also be published on the FHFA
website.
---------------------------------------------------------------------------
The PUDB must contain the mortgage data elements required to be
reported to FHFA by the Enterprises, which include the same data
elements required to be reported under HMDA.\4\ The HMDA data must be
disclosed in the PUDB at the census tract level.\5\ The HMDA data may
not be withheld from the PUDB to protect any Enterprise proprietary
interests, but must be withheld or modified to protect borrower
privacy, subject to the privacy considerations set forth in section
304(j) of HMDA.\6\ The non-HMDA data in the PUDB may receive
proprietary and privacy protections.\7\
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\4\ The Safety and Soundness Act requires the PUDB to include
data submitted by the Enterprises to FHFA in the mortgage reports
required under the Federal National Mortgage Association Charter
Act, 12 U.S.C. 1723a(m), and the Federal Home Loan Mortgage
Corporation Act, 12 U.S.C. 1456(e) (Charter Acts). 12 U.S.C.
4543(a)(1). These mortgage reports and the PUDB are required to
include the same data elements required to be reported under HMDA,
12 U.S.C. 2801 et seq., subject to the privacy considerations in 12
U.S.C. 2803(j). 12 U.S.C. 4543(a)(2), 4546(d)(1).
\5\ 12 U.S.C. 4543(a)(2). ``Census tract level'' means that the
mortgage data is disclosed in individual loan records, which include
the census tract location of the mortgaged property as a geographic
identifier.
\6\ 12 U.S.C. 4543(b)(2), 4546(d).
\7\ 12 U.S.C. 4543(b)(1), 4546(a); 24 CFR 81.72(b)(3), (c)(1).
---------------------------------------------------------------------------
HMDA is a mortgage data disclosure statute enacted in 1975. HMDA
requires that covered financial institutions annually submit to the
appropriate Federal agency loan-level data related to the loans they
originated or purchased in a calendar year.\8\ The CFPB
[[Page 34197]]
implements HMDA through Regulation C, which was amended in 2015 to add
new data HMDA elements, effective January 1, 2018.\9\
---------------------------------------------------------------------------
\8\ The Enterprises are not subject to HMDA reporting
requirements under Regulation C because they do not originate
mortgage loans, which is prohibited by their Charter Acts, and
Regulation C only applies to institutions that originate mortgage
loans. See 12 U.S.C. 1719(a)(2), 1454(a)(5), and 12 CFR 1003.2(g).
Instead, the Safety and Soundness Act requires FHFA to publish any
HMDA data the Enterprises possess. See Notice of Order: Revisions to
Enterprise Public Use Database, 75 FR 41180, 41184 (July 15, 2010)
(FHFA 2010 Order). Regulation C also requires covered entities to
report on activities that are not relevant to the PUDB, such as loan
application denials. The PUDB only includes loan purchase records.
\9\ CFPB, Final Rule, Home Mortgage Disclosure (Regulation C),
80 FR 66128 (Oct. 28, 2015); 12 CFR part 1003. The CFPB amended
Regulation C twice in 2019, but these amendments do not change the
HMDA data elements, and therefore do not impact the Safety and
Soundness Act requirement for the PDUB to include HMDA data. See 84
FR 69994 (Dec, 20, 2019) and 84 FR 58003 (Oct. 29, 2019).
---------------------------------------------------------------------------
FHFA interprets the HMDA data publication requirement in the Safety
and Soundness Act as an obligation to use the same data definitions as
HMDA for the Enterprise data published in the PUDB, where possible. The
Safety and Soundness Act does not require FHFA to republish in the PUDB
the same data that is in the CFPB's public dataset issued under
Regulation C. Rather, the Enterprises must report to FHFA the data
elements they collect that generally conform with the HMDA definitions
set out in Regulation C. For example, the Enterprises must report data
about their purchased loans that would not be reported for purchased
loans under Regulation C,\10\ as well as data elements that only
partially conform to the Regulation C data definitions.\11\ This
reflects FHFA's view that the HMDA data specifications in Regulation C
should be used as a guide to the types of data included in the PUDB
that will be useful for the public and policymakers to monitor
Enterprise activities. The differences between the PUDB and the CFPB's
dataset published under Regulation C reflect Congress's intent that the
PUDB supplement HMDA.\12\
---------------------------------------------------------------------------
\10\ The Regulation C reporting requirements distinguish between
loan purchases and loan originations, and exclude loan purchases
from some data reporting requirements that apply to loan
originations. FHFA has determined that because the Enterprises are
not purchasers under Regulation C, they do not qualify for any of
the exemptions for HMDA loan purchasers when reporting HMDA data to
FHFA for the PUDB. See, e.g., FHFA 2010 Order, 75 FR at 41185
(adding Rate Spread to the PUDB despite the fact that Regulation C
did not require loan purchasers to report Rate Spread at that time).
Instead, the PUDB records include data elements that would only be
required for loan originations in the CFPB's dataset. In addition,
the CFPB's public dataset only includes records for loans sold to
the Enterprises in the same calendar year as origination, but the
PUDB includes records for all loans purchased by the Enterprises in
a calendar year, regardless of year of origination. The PUDB also
may contain HMDA data for loans that were exempt or partially exempt
from HMDA reporting requirements under Regulation C because the
Enterprises have uniform seller data requirements that generally are
not based on the loan originator's status as a HMDA reporter covered
by Regulation C.
\11\ For example, as discussed below in Section II.B.1, the PUDB
includes Enterprise Application Channel data, although it does not
completely align with the Application Channel data in the CFPB's
public dataset.
\12\ See 60 FR 61846, 61875 (Dec. 1, 1995) (HUD final rule)
(citing Senate Committee on Banking, Housing, and Urban Affairs, S.
Rep. No. 282, 102d Cong., 2d Sess. at 39 (1992)).
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While the Enterprises are in conservatorship, FHFA has implemented
the Safety and Soundness Act to require the Enterprises to provide to
FHFA only the data they collect from their loan sellers as part of
their established mortgage purchasing activities.\13\
---------------------------------------------------------------------------
\13\ See FHFA 2010 Order, 75 FR at 41181.
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In 2010, FHFA added HMDA data elements to the PUDB to implement the
Safety and Soundness Act requirement.\14\ In 2018, new definitions for
HMDA data elements added by the CFPB to Regulation C took effect. As a
result, new Enterprise data elements that generally conform to the HMDA
definitions must be added to the PUDB starting with the PUDB released
in 2019 that contains 2018 data (2018 PUDB). FHFA reviewed the data
collected by the Enterprises from their loan sellers in 2018 and
identified the HMDA data elements to be disclosed starting with the
2018 PUDB. These data specifications will apply to future PUDB annual
releases, until further modified by FHFA.
---------------------------------------------------------------------------
\14\ Id. at 41180.
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B. Structure of the PUDB
The PUDB is a loan-level dataset containing data elements related
to the single-family and multifamily loans acquired by the Enterprises
in the previous calendar year. It includes seasoned loans originated in
years prior to acquisition, and loans originated in the same year as
acquisition.
The data elements for each loan are split into multiple files
called National Files and Census Tract Files. The multi-file system
reduces the likelihood of sensitive data elements being linked to other
data elements, which could compromise borrower privacy or Enterprise
proprietary interests. The National Files in the PUDB have no
geographic identifiers. This reduces the likelihood of re-
identification of borrowers through linking the PUDB data to other
public sources containing personally identifying data that include the
census tract (such as county property records). It also protects
Enterprise proprietary interests by masking their regional business
strategies.\15\ The Census Tract Files contain the census tract
location of the mortgaged property, and generally contain data
statutorily required to be disclosed with the census tract. The data
elements in both the National Files and Census Tract Files are in some
cases further modified by rounding or disclosing in ranges to protect
private and proprietary information.
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\15\ HUD Final Order--Proprietary Data Submitted by the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan
Mortgage Corporation (Freddie Mac), 61 FR 54322, 54323 (Oct. 17,
1996).
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For Enterprise single-family data, the PUDB comprises a Census
Tract File containing loan-level data that identifies the census tract
location of the mortgaged properties; a National File A containing
loan-level data on owner-occupied one-unit properties without the
census tract or other geographic identifier; a National File B
containing unit-level data on all single-family properties without the
census tract or other geographic identifier; and a National File C
containing the high-cost securitized loan data required by 12 U.S.C.
4546(d)(2) without the census tract or other geographic identifier.
For Enterprise multifamily data, the PUDB comprises a Census Tract
File containing loan-level data that identifies the census tract
location of the mortgaged properties; and a National File that does not
identify the census tract or other geographic location of the mortgaged
properties but contains property-level data and unit class-level data
on all multifamily properties.
All new HMDA data added to the PUDB starting in 2018 will be added
to the Census Tract Files, as required by the Safety and Soundness Act.
It will not be added to the National Files in order to preserve
existing privacy and proprietary protections in these Files, as the
data could increase the ability to link the National Files to the
Census Tract Files.
C. Proprietary Protections in the PUDB
The Safety and Soundness Act provides generally that Enterprise
proprietary data must be protected from public disclosure.\16\ However,
the statute exempts certain types of data elements from proprietary
protection, requiring their public disclosure subject only to borrower
privacy protections. The exempted data elements are income, census
tract location, race, and gender of single-family mortgagors, and all
other HMDA data.\17\ Some data elements that were previously protected
as proprietary in the PUDB are now
[[Page 34198]]
HMDA data elements, so they no longer receive proprietary protections.
---------------------------------------------------------------------------
\16\ 12 U.S.C. 4543(b)(1); 4546(d).
\17\ 12 U.S.C. 4543(b)(2).
---------------------------------------------------------------------------
The factors for determining proprietary protection of the
Enterprise data in the PUDB are set forth in the HUD regulation which
FHFA still administers. HUD applied the regulatory factors in a series
of Orders determining the proprietary protections for specific data
elements published in the PUDB. The HUD Orders (but not the HUD
regulation) were superseded by FHFA Orders that adopted the HUD
proprietary determinations for the specific data elements to be
published in the PUDB and added the new data required by HERA.\18\
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\18\ See 59 FR 29514 (June 7, 1994); 60 FR 61846, 62001 (App. F)
(Dec. 1, 1995); 61 FR 54322 (Oct. 17, 1996); 69 FR 59476 (Oct. 4,
2004); FHFA 2010 Order, 75 FR at 41189; FHFA Notice of Order, 76 FR
60031 (Sept. 28, 2011) (FHFA 2011 Order).
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FHFA protects proprietary data in the PUDB through two methods.
First, data is protected through the multi-file system discussed above
in Section I.B. Second, the individual data elements may be completely
withheld from publication, or modified to reduce re-identification risk
by disclosing in ranges or rounding.
D. Privacy Protections in the PUDB
The HUD regulation, which was issued prior to the HERA amendments
to the Safety and Soundness Act, provides that private data shall be
withheld from the PUDB if publication of the data would ``constitute a
clearly unwarranted invasion of personal privacy if such data or
information were released to the public.'' \19\ HERA amended the Safety
and Soundness Act to add a requirement that FHFA publish the HMDA data
``[s]ubject to privacy considerations, as described in section 304(j)
of [HMDA] (12 U.S.C. 2803(j)).'' \20\ Section 304(j)(2)(B) of HMDA
requires the CFPB to ``require, by regulation, such deletions as [CFPB]
may determine to be appropriate to protect--(i) any privacy interest''
of borrowers, and protect depository institutions reporting HMDA data
from liability under privacy laws.\21\ The CFPB implemented this
requirement through policy guidance (CFPB Privacy Guidance) setting out
how the agency intends to exclude or modify data to protect borrower
privacy and reporter liability, in balance with the purposes of public
disclosure.\22\
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\19\ 24 CFR 81.72(b)(3).
\20\ 12 U.S.C. 4546(d).
\21\ 12 U.S.C. 2803(j)(2)(B).
\22\ CFPB, Disclosure of Loan-Level HMDA Data, Final Policy
Guidance, 84 FR 649 (Jan. 31, 2019) (CFPB Privacy Guidance);
Regulation C, 80 FR at 66132-66134.
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The Safety and Soundness Act provides that FHFA publish the PUDB
``[s]ubject to privacy considerations, as described in section 304(j)
of [HMDA],'' which requires the CFPB to prescribe deletions that are
appropriate to protect borrowers' privacy interests. FHFA interprets
this provision as authorizing FHFA to follow the CFPB's intended
privacy determinations. Where FHFA determines that privacy or other
factors in the context of the PUDB call for different or more
restrictive disclosure of HMDA data elements than the CFPB Privacy
Guidance, FHFA may reasonably make such distinctions. Accordingly, FHFA
is following the CFPB's intended privacy determinations for the PUDB
(with one minor change to conform to FHFA's regulatory definition of
small multifamily properties).
II. Changes to Enterprise Reporting Requirements and PUDB Disclosures
A. HMDA Data Review and New Reporting Requirements
As discussed above in Section I.A., FHFA requires the Enterprises
to report the HMDA data they collect from loan sellers for publication
in the PUDB. Accordingly, FHFA must periodically review Enterprise data
collections to ascertain whether they contain HMDA data that must be
included in the PUDB.
At the same time as the HMDA expansion in Regulation C, the
Enterprises updated their single-family data collection through the
Uniform Mortgage Data Program (UMDP) datasets.\23\ The UMDP is a joint
Enterprise project to develop and implement mortgage data standards for
the single-family loans they purchase or securitize. Improving
Enterprise mortgage data standardization has been an annual
Conservatorship Scorecard goal since 2012. The UMDP data requirements
are generally aligned between the Enterprises. As a result of the
expansion of HMDA and updates to the UMDP datasets, many new HMDA data
elements are now available for inclusion in the PUDB Single-Family
Census Tract File.
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\23\ See UMDP Overview, at https://www.fanniemae.com/content/fact_sheet/umdp-overview.pdf (April 2018) (joint document authored
by both Fannie Mae and Freddie Mac).
---------------------------------------------------------------------------
The Enterprises' multifamily data collections are not included in
the UMDP datasets. However, some HMDA data elements are now collected
by the Enterprises for multifamily loans and are available for
inclusion in the PUDB Multifamily Census Tract File.
Since both HMDA and Enterprise data collections have changed
substantially since FHFA last added HMDA data to the PUDB in 2010, FHFA
undertook a new review of all HMDA data elements. To identify the new
HMDA data eligible for inclusion in the PUDB, FHFA requested that the
Enterprises map their single-family and multifamily data collections to
the HMDA data definitions in the amended Regulation C. Based on the
data mapping and discussions with the Enterprises, FHFA identified the
new HMDA data elements collected by the Enterprises and available to be
included in the PUDB Census Tract Files. FHFA also identified data
elements already disclosed in the PUDB that are defined as HMDA data
elements for the first time under the amended Regulation C in 2018 and,
therefore, no longer qualify for proprietary protection in the PUDB.
In addition, FHFA identified groups of HMDA data elements collected
by the Enterprises that will be excluded from the PUDB. One group of
HMDA data elements will be excluded in conformance with the CFPB
Privacy Guidance, which intends to exclude them entirely from
publication in the CFPB's public dataset. Another group of HMDA data
elements drawn from updated Enterprise seller data collections will be
excluded because the Enterprises recently began collecting them and
they require further analysis in order to ensure data quality before
inclusion in the PUDB.
The new HMDA data elements, and any previous PUDB data elements
that are now defined as HMDA data, are not eligible to receive
proprietary protections under the Safety and Soundness Act and will,
therefore, be disclosed in the PUDB Census Tract Files. They will be
modified to protect borrower privacy only.
As a result of FHFA's review of the HMDA data elements, FHFA issued
the appended Order, which added the appropriate HMDA data elements to
the PUDB matrices and required the Enterprises to report them to FHFA.
The Order modifies the 2010 and 2011 PUDB Orders previously issued by
FHFA.\24\ The Order and this Notice of Order contain a link to the
revised matrices on FHFA.gov and fulfill the Safety and Soundness Act
requirement that FHFA issue an order or regulation to make the HMDA
data available to the public, subject to privacy protections.\25\ The
expansion of the PUDB data requirements will enhance transparency about
the Enterprises' mortgage purchase activities.
---------------------------------------------------------------------------
\24\ FHFA 2010 Order, 75 FR 41180, and FHFA 2011 Order, 76 FR
60031.
\25\ 12 U.S.C. 4546(d).
---------------------------------------------------------------------------
The new HDMA data added by the Order will be published in a dataset
that replaces an interim PUDB released on
[[Page 34199]]
September 23, 2019, which does not include the new HMDA data elements
or Duty to Serve geographic indicators. The data specifications set out
in the Order will apply to future annual PUDB releases, until further
modified by FHFA.
FHFA's review of each HMDA data element is detailed below in
Section II.B. for single-family data and Section II.C. for multifamily
data.
B. Single-Family PUDB
1. New HMDA Single-Family Data Elements Added to the PUDB
The HMDA single-family data elements collected by the Enterprises
that are listed below will be reported to FHFA and added to the PUDB
Single-Family Census Tract File starting with the 2018 PUDB, as set
forth in the revised PUDB matrices. Most of these data elements were
new Regulation C reporting requirements in 2018. The list below
indicates whether the data element was a new HMDA data element added
for the first time in 2018 by Regulation C, or a pre-2018 HMDA data
element that was modified in 2018 by Regulation C amendments.
Discount Points: Discount Points is a new HMDA data element
collected by the Enterprises that indicates the points paid by the home
buyer or home seller to the lender to reduce the interest rate.\26\ It
will be disclosed without modification in the PUDB Single-Family Census
Tract File, in conformance with the CFPB Privacy Guidance.\27\ The data
collected by the Enterprises may include origination or discount points
paid by the borrower, home seller, or other third party, and may not
correspond exactly to the Regulation C Discount Points disclosed by the
CFPB.
---------------------------------------------------------------------------
\26\ 12 CFR 1003.4(a)(19); CFPB Home Mortgage Disclosure Act
FAQs, https://www.consumerfinance.gov/policy-compliance/guidance/hmda-implementation/home-mortgage-disclosure-act-faqs/#discount-points (Aug. 28, 2019).
\27\ 84 FR at 656.
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Introductory Rate Period: Introductory Rate Period is a new HMDA
data element collected by the Enterprises that indicates the number of
months until the first date the interest rate may change.\28\ It will
be disclosed without modification in the PUDB Single-Family Census
Tract File, in conformance with the CFPB Privacy Guidance.\29\
---------------------------------------------------------------------------
\28\ 12 CFR 1003.4(a)(26).
\29\ 84 FR at 656.
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Property Value: Property Value is a new HMDA data element collected
by the Enterprises that discloses the value of the property securing
the loan, in exact dollars, that was relied on by the lender in making
the credit decision to originate the loan.\30\ Because Property Value
can be highly unique within a census tract, the CFPB Privacy Guidance
discloses it as the midpoint of the $10,000 interval in which the
actual value falls in order to reduce the ability to match it with
other sources of data and facilitate re-identification of the
borrower.\31\ Beginning with the 2018 PUDB, the Single-Family Census
Tract File will disclose Property Value with the same modification as
in the CFPB Privacy Guidance.
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\30\ 12 CFR 1003.4(a)(28).
\31\ 84 FR at 663. E.g., for a reported value of $117,834, the
dataset will disclose it as $115,000, which is the midpoint between
values equal to $110,000 and less than $120,000. Id. at 673.
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Preapproval: \32\ Preapproval is a modified HMDA data element that
indicates whether preapproval of the loan was requested by the
applicant under a financial institution's covered preapproval
program.\33\ Fannie Mae indicated that it collects some preapproval
data. Freddie Mac indicated that it does not collect any preapproval
data. The available Preapproval data will be disclosed without
modification in the PUDB Single-Family Census Tract File, in
conformance with the CFPB Privacy Guidance.\34\
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\32\ In the FHFA 2010 Order, FHFA stated that a HMDA Preapproval
data element would not be included in the PUDB because it does not
relate to originated loans that could then be purchased by the
Enterprises. 75 FR at 41186. However, upon further analysis, FHFA
concludes that the HMDA Preapproval data element does apply to
originated loans. The ``Preapproval'' data element is defined in 12
CFR 1003.4(a)(4) as whether a ``covered loan involved a request for
a preapproval of a home purchase loan under a preapproval program.''
In contrast, the HMDA Action Taken values relating to preapproval,
12 CFR 1003.4(a)(8)(i)(C), specifically apply only to loans that
were not originated (whether a preapproval request that did not
result in the origination of a home purchase loan was denied or
approved but not accepted). Accordingly, beginning with the 2018
PUDB, the Preapproval data element parallel to 12 CFR 1003.4(a)(4)
will be included, but not the Action Taken values related to
preapproval in 12 CFR 1003.4(a)(8)(i)(C).
\33\ 12 CFR 1003.4(a)(4); 24 CFR 1003.2(b)(2).
\34\ 84 FR at 656.
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Credit Scoring Model: Credit Scoring Model is a new HMDA data
element that provides the name of the credit scoring model (if any)
used to evaluate the loan.\35\ Both Enterprises collect this data. The
available Credit Scoring Model data will be disclosed without
modification for up to two borrowers in the PUDB Single-Family Census
Tract File, in conformance with the CFPB Privacy Guidance.\36\
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\35\ 12 CFR 1003.4(a)(15).
\36\ 84 FR at 656.
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Manufactured Home Land Property Interest: Manufactured Home Land
Property Interest is a new HMDA data element that indicates whether the
borrower has a direct ownership, indirect ownership, or a paid or
unpaid leasehold interest in the land on which the manufactured home
being financed will be sited.\37\ Freddie Mac indicated that it does
not collect this data. Fannie Mae indicated that it collects data
showing direct ownership, indirect ownership (i.e., a manufactured home
cooperative), or the presence of a lease (i.e., ground rent), but its
data cannot discern whether there is an unpaid leasehold. Accordingly,
this data element will be added to the PUDB Single-Family Census Tract
File but with only the values that conform with the data Fannie Mae
collects. It will be disclosed without modification, in conformance
with the CFPB Privacy Guidance.\38\
---------------------------------------------------------------------------
\37\ 12 CFR 1003.4(a)(30).
\38\ 84 FR at 656.
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Application Channel: Application Channel is a new HMDA data element
partially collected by the Enterprises that indicates whether the loan
application was submitted directly to the party making the credit
decision, and whether the loan was initially payable to that party.
Both Enterprises indicated that they collect data relating to the
broker and retail channel that correspond to HMDA Application Channel
values.\39\ The values that correspond to the HMDA Application Channel
values will be disclosed in the PUDB Single-Family Census Tract File
without modification, in conformance with the CFPB Privacy
Guidance.\40\
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\39\ 80 FR at 66299; 12 CFR 1003.4(a)(33). The CFPB does not use
the terms ``broker'' and ``retail,'' but the Enterprises' data use
these terms in a way that corresponds to the HMDA Application
Channel values.
\40\ 84 FR at 656.
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Automated Underwriting System (AUS) Name: AUS Name is a new HMDA
data element collected by the Enterprises that discloses the name(s) of
the AUS(s) used by the lender to evaluate a loan application.\41\ Both
Enterprises indicated that they collect only a single AUS name in
connection with the AUS(s) used by a lender to evaluate a loan
application.\42\ Accordingly, the Enterprises will report the AUS Name
data they possess, and this data will be disclosed without modification
in the PUDB Single-Family
[[Page 34200]]
Census Tract File, in conformance with the CFPB Privacy Guidance.\43\
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\41\ 12 CFR 1003.4(a)(35).
\42\ The CFPB's Official Interpretation to Regulation C sets out
how multiple AUSs used to evaluate a single loan application are
reported. See Supplement I to Part 1003--Official Interpretations,
comment 4(a)(35) (Official Interpretations). The PUDB data will not
fully align with the Regulation C data since the Enterprises do not
collect data on all of the AUSs that may have been used prior to
origination.
\43\ 84 FR at 656.
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Debt-to-Income (DTI): DTI is a new HMDA data element representing
the ratio of the borrower's total monthly debt to total monthly income
relied on by the lender to make the credit decision.\44\ Both
Enterprises indicated that they can calculate and report DTI based on
data they receive from their loan sellers. Accordingly, DTI will be
added to the PUDB Single-Family Census Tract File and disclosed in
conformance with the CFPB Privacy Guidance.\45\
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\44\ 12 CFR 1003.4(a)(23).
\45\ 84 FR at 665-666. The CFPB intends to disclose DTI as
follows: ``a. Bin reported values into the following ranges, as
applicable: 20 percent to less than 30 percent; 30 percent to less
than 36 percent; and 50 percent to less than 60 percent; b. Bottom-
code reported values under 20 percent; c. Top-code reported values
of 60 percent or higher; and d. Disclose, without modification,
reported values greater than or equal to 36 percent and less than 50
percent.'' 84 FR at 672.
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Loan Purpose (Cash-Out Refinancing): Loan Purpose is a modified
HMDA data element that indicates whether the loan was for Home
Purchase, Home Improvement, Refinancing, Cash-Out Refinancing, or
Other. The Regulation C amendments added Cash-Out Refinancing and
Other.\46\ Both Enterprises indicated that they collect Cash-Out
Refinancing, but not Other. Cash-Out Refinancing will be added to the
PUDB Single-Family Census Tract File and disclosed unmodified, in
conformance with the CFPB Privacy Guidance.\47\ (The current PUDB
includes the other HMDA Loan Purpose values, which will continue to be
disclosed.)
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\46\ 12 CFR 1003.4(a)(3). Cash-Out Refinancing is defined as a
loan that the institution considered to be a cash-out refinancing in
processing the loan application or setting the terms (such as the
interest rate or origination charges) under its guidelines or an
investor's guidelines. Official Interpretations, comment 4(a)(3)-2.
\47\ 84 FR at 656.
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Loan Amount (Note Amount): Loan Amount is a modified HMDA data
element that identifies the amount to be repaid as disclosed on the
legal obligation (Note Amount), and the unpaid principal balance (UPB)
at the time of purchase (discussed below).\48\ The current PUDB Single-
Family Census Tract File does not include the HMDA Note Amount. To
conform with HMDA, the PUDB Single-Family Census Tract File will add a
new field called Note Amount to indicate the amount to be repaid as
disclosed on the legal obligation. Note Amount will be disclosed as the
midpoint of the $10,000 interval in which the actual amount falls, in
conformance with the CFPB Privacy Guidance.\49\
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\48\ 12 CFR 1003.4(a)(7)(i). Regulation C loan purchasers are
required to report the UPB at the time of purchase, and Regulation C
loan originators are required to report the Note Amount. Because the
Enterprises collect both values, FHFA is requiring that the
Enterprises report both for inclusion in the PUDB. As noted earlier,
the Enterprises' reporting obligations for the PUDB extend to all of
the HMDA data they possess, not the same data as reported by HMDA
loan purchasers. In 2010, FHFA determined not to include the HMDA
Note Amount in the PUDB because there was likely to be no difference
between the Note Amount and the UPB at the time of purchase for most
loans acquired by the Enterprises. See FHFA 2010 Order, 75 FR at
41188. However, on further consideration, FHFA will now add Note
Amount to the PUDB to identify the subset of seasoned loans
purchased by the Enterprises where there is a difference between the
Note Amount and the UPB at the time of purchase.
\49\ 84 FR at 661-663, 671-673.
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2. HMDA Single-Family Data Elements Already in the PUDB
FHFA identified several HMDA single-family data elements that were
added, modified, or unchanged by the Regulation C amendments and are
already reported by the Enterprises and disclosed in the current PUDB.
The Enterprises' reporting requirements thus generally will not change
for these data elements. However, the disclosure in the PUDB will
change in some cases to conform with the CFPB Privacy Guidance. In
addition, some of the data elements were defined as HMDA data for the
first time in 2018 in Regulation C and, therefore, any proprietary
protections they received in the PUDB are no longer permissible under
the Safety and Soundness Act and will be removed. All of the data
elements will be released in the PUDB Single-Family Census Tract File,
with modifications as appropriate to conform with the CFPB Privacy
Guidance.
i. Disclosure Changes in the PUDB
The single-family data elements listed below were previously
withheld from the PUDB or disclosed in the PUDB with proprietary
protections, but are defined as HMDA data elements in 2018 and must be
disclosed, with modifications as appropriate to conform with the CFPB
Privacy Guidance. In some cases, the data element was defined as a HMDA
data element for the first time in 2018 and, thus, is no longer
eligible for the proprietary protections it had been receiving in the
PUDB. The data elements previously disclosed only in the National Files
that must now be disclosed in the PUDB Single-Family Census Tract File
will continue to be disclosed in the National Files as well as being
added to the Census Tract File.
Interest Rate: Interest Rate is a new HMDA data element that
discloses the actual note rate on the loan as a percentage to at least
three decimal places.\50\ Interest Rate is currently disclosed in the
PUDB Single-Family National File C in bins of 0.5 percent. Interest
Rate will be disclosed in the PUDB Single-Family Census Tract File as
the actual note rate to at least three decimal places, consistent with
the Regulation C definition and CFPB Privacy Guidance.\51\
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\50\ 12 CFR 1003.4(a)(21); CFPB, 2018 Reportable HMDA Data: A
Regulatory and Reporting Overview Reference Chart for HMDA Data
Collected in 2018 at 27, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31, 2018).
\51\ 84 FR at 656.
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Construction Method and Total Units: The HMDA Property Type data
element was disaggregated in 2018 by Regulation C into two new data
elements: Construction Method; and Total Units.\52\ Property Type
previously had values for Manufactured Home, Multifamily, and Single-
Family Home (1-4 Units, Other Than Manufactured). The new HMDA
Construction Method and Total Units data elements provide a clearer
disclosure of the type of housing and number of units. Construction
Method indicates Site Built or Manufactured Home. Total Units indicates
the number of units. There are no longer values for Multifamily or
Single-Family Home, although ``multifamily'' is defined elsewhere in
Regulation C as ``five or more individual dwelling units.'' \53\
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\52\ 80 FR at 66180-81; 12 CFR 1003.4(a)(5) and (31).
\53\ 12 CFR 1003.2(n). The Safety and Soundness Act also defines
multifamily as five or more dwelling units. 12 U.S.C. 4502(18).
---------------------------------------------------------------------------
The Property Type data element is currently disclosed in the PUDB
Single-Family Census Tract File, aligned with the previous Regulation C
definition. In addition, the PUDB Single-Family National Files A and B
already publish a data element named Number of Units, which corresponds
to the HMDA Total Units data element. These existing data fields will
be changed in the PUDB Single-Family Census Tract File to conform with
HMDA by adding a new Construction Method field and disclosing Number of
Units in the Census Tract File. Construction Method will be disclosed
without modification, in conformance with the CFPB Privacy
Guidance.\54\ Number of Units will be disclosed as 1, 2, 3, or 4 units
for single-family loans. Number of Units will also continue to be
disclosed in the PUDB Single-Family National Files A and B.
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\54\ 84 FR at 656.
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Loan Term: Loan Term is a new HMDA data element that discloses the
number of months until the loan reaches
[[Page 34201]]
maturity.\55\ For purchased loans, Loan Term is measured from
origination.\56\ The PUDB Single-Family National File C currently
includes the data element Term of Mortgage at Origination, which
corresponds to HMDA Loan Term. Loan Term will be disclosed in the PUDB
Single-Family Census Tract File without modification, in conformance
with the CFPB Privacy Guidance.\57\
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\55\ 12 CFR 1003.4(a)(25).
\56\ Official Interpretations, comment 4(a)(25)-3.
\57\ 84 FR at 656.
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Combined Loan-to-Value (CLTV): CLTV is a new HMDA data element that
discloses the ratio at origination of the total amount of debt secured
by the property to the value of the property relied on in making the
credit decision (discussed above in Section II.B.1.), disclosed as a
percentage.\58\ LTV or CLTV if available is currently disclosed in the
PUDB Single-Family National Files A and C in ranges, without disclosing
whether the value is LTV or CLTV. To conform with HMDA, the actual
ratio for LTV or CLTV will be disclosed in the PUDB Single-Family
Census Tract File without modification, and without disclosing whether
it is LTV or CLTV, in conformance with the CFPB Privacy Guidance.\59\
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\58\ 12 CFR 1003.4(a)(24).
\59\ 84 FR at 656, 662.
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Age: Age is a new HMDA data element that indicates the borrower and
co-borrower ages at the time of loan application.\60\ The PUDB Single-
Family Census Tract File currently includes data elements called Age of
Borrower and Age of Co-borrower disclosed in exact years. Age of
Borrower and Age of Co-borrower will be disclosed in the PUDB Single-
Family Census Tract File in ranges, in conformance with the CFPB
Privacy Guidance to mask the exact year.\61\
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\60\ 12 CFR 1003.4(a)(10)(ii).
\61\ 84 FR at 664-665, 672. The age ranges are: 25 to 34; 35 to
44; 45 to 54; 55 to 64 (with a flag for 62 or higher); and 65 to 74.
Below 25 and above 74 are bottom- and top-coded, respectively.
---------------------------------------------------------------------------
Occupancy Type: The HMDA Occupancy Type data element was modified
in 2018 by Regulation C to add new values. Previously, Occupancy Type
had values for Owner-Occupied as a Principle Residence, Not-Owner
Occupied as a Principal Residence, and Not Applicable. The Regulation C
amendments replaced Not-Owner Occupied as a Principle Residence with
two new values: Second Residence; and Investment Property.\62\ The new
HMDA Occupancy Type values for Second Residence and Investment are
already reported to FHFA by the Enterprises in a data element called
Occupancy Code, but the current PUDB Single-Family Census Tract File
discloses only Owner-Occupied, Investment, and Not Applicable.
Occupancy Code will be changed in the PUDB Single-Family Census Tract
File to align with HMDA by disclosing Second Residence, and will
continue to be disclosed without modification, in conformance with the
CFPB Privacy Guidance.\63\
---------------------------------------------------------------------------
\62\ 12 CFR 1003.4(a)(6).
\63\ 84 FR at 656.
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Action Taken Date (Loan Originated): Action Taken Date is an
unchanged HMDA data element that reports the action, and the date the
action was taken.\64\ For the Enterprise data and PUDB purposes, the
relevant HMDA Action Taken Date values are Loan Originated and
Purchased Loan (discussed below in Section II.B.2.ii.).\65\ The CFPB
intends to withhold all Action Taken Dates from its public dataset
since the exact dates could be used to match to other public datasets
with individually identifying information.\66\ However, the year of
origination or year of purchase can always be inferred from the CFPB's
public dataset because it only contains loans that were originated or
purchased in that year--e.g., the dataset with 2018 data only contains
loans originated or purchased in 2018.
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\64\ 12 CFR 1003.4(a)(8)(i)(A) and (ii). The PUDB combines
Action Taken and Action Taken Date since there is only one possible
action by the Enterprises (purchase) and there are two available
dates in the Enterprise data (origination and purchase).
\65\ Action Taken also requires reporting actions that do not
apply to originated loans (e.g., application denied). 12 CFR
1003.4(a)(8)(i)(B) and (C). Since the PUDB only contains data on
originated loans, the HMDA values that do not apply to originated
loans are not relevant.
\66\ 84 FR at 663.
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The current PUDB Single-Family National File B includes a field for
Date of Mortgage Note, which conforms with the HMDA Loan Originated
value. Date of Mortgage Note is modified in the current PUDB to
indicate whether the loan was originated in the same year it was
acquired, or in any prior year. This modification conforms with the
CFPB's intended withholding of the month and day from its public
dataset. Accordingly, Date of Mortgage Note will be disclosed in the
PUDB Single-Family Census Tract File in the same manner, in conformance
with the CFPB Privacy Guidance.\67\
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\67\ In the FHFA 2010 Order, Date of Mortgage Note was withheld
from the PUDB Single-Family Census Tract File to conform to HMDA
privacy protections in 12 U.S.C. 2803(j). 75 FR at 41186. However,
FHFA has now concluded that disclosing Date of Mortgage Note as same
year or any prior year in the PUDB Single-Family Census Tract File
is consistent with the CFPB Privacy Guidance, since the year of
origination can be inferred from the date of the CFPB's public
dataset. Although the CFPB's public dataset does not include
information on the origination year of purchased loans, the PUDB
disclosure that a loan was originated in the year of purchase or any
prior year does not increase privacy risks and aligns with the CFPB
Privacy Guidance to withhold the day and month of origination.
---------------------------------------------------------------------------
Loan Amount (UPB): Loan Amount is a modified HMDA data element that
identifies the Note Amount (discussed above in Section II.B.1.) and the
UPB at the time of purchase.\68\ The current PUDB Single-Family Census
Tract File includes a data element called Acquisition UPB, rounded to
the nearest $1,000. To conform with the CFPB Privacy Guidance,
Acquisition UPB in the PUDB Single-Family Census Tract File will be
changed to the midpoint of the $10,000 interval in which the actual
amount falls.\69\
---------------------------------------------------------------------------
\68\ 12 CFR 1003.4(a)(7)(i).
\69\ 84 FR at 661.
---------------------------------------------------------------------------
ii. No Disclosure Changes in the PUDB
The HMDA single-family data elements listed below are currently
disclosed in the PUDB Single-Family Census Tract File and were
unchanged by the Regulation C amendments or were modified in a way
irrelevant to Enterprise data. Accordingly, they will continue to be
disclosed in the same manner in this File. No changes in reporting or
disclosure are necessary to conform with HMDA.
Action Taken Date (Purchased Loan): Action Taken Date is an
unchanged HMDA data element that reports the action, and the date the
action was taken.\70\ For the Enterprise data and PUDB purposes, the
relevant HMDA Action Taken Date values are Loan Originated (discussed
above in Section II.B.2.i.) and Purchased Loan. Purchased Loan is an
unchanged HMDA data element value indicating the exact date the loan
was purchased from an originator.\71\ The PUDB does not disclose the
exact date of acquisition. The year of acquisition can be inferred from
the year of the PUDB, which contains only the Enterprises' loan
acquisitions in a single calendar year. The CFPB likewise intends to
withhold the exact date of loan purchase from its public dataset to
protect privacy, but the year of purchase can be inferred in the
dataset. Accordingly, no changes need to be made to the Single-Family
PUDB to conform to HMDA definitions or privacy modifications for this
data element value.
---------------------------------------------------------------------------
\70\ 12 CFR 1003.4(a)(8)(i)(A) and (ii).
\71\ Id.
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Loan Type: Loan Type is an unchanged HMDA data element that
discloses whether the loan is insured by the Federal Housing
Administration,
[[Page 34202]]
guaranteed by the Department of Veterans Affairs, guaranteed by the
Rural Housing Service or the Farm Service Agency, or Conventional.\72\
The current PUDB Single-Family Census Tract File includes a data field
for Federal Guarantee, which conforms with HMDA Loan Type. Federal
Guarantee will continue to be disclosed without modification in the
PUDB Single-Family Census Tract File, in conformance with the CFPB
Privacy Guidance.\73\
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\72\ 12 CFR 1003.4(a)(2). ``Conventional'' is the value used by
HMDA and the PUDB to indicate a loan that is not insured or
guaranteed by one of the listed federal agencies. See CFPB, 2018
Reportable HMDA Data: A Regulatory and Reporting Overview Reference
Chart at 3, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31, 2018).
\73\ 84 FR at 656.
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Property Location: Property Location is an unchanged HMDA element
that includes values for the State, County, and Census Tract location
of the mortgaged property.\74\ Data elements for these values are
currently disclosed in the PUDB Single-Family Census Tract File without
modification, in conformance with the CFPB Privacy Guidance.\75\ They
will continue to be disclosed without modification in this File.
---------------------------------------------------------------------------
\74\ 12 CFR 1003.4(a)(9)(ii).
\75\ 84 FR at 656.
---------------------------------------------------------------------------
Income: Income is an unchanged HMDA data element disclosing the
gross annual borrower income relied on in making the credit
decision.\76\ The current PUDB Single-Family Census Tract File
discloses this data as Borrower's Annual Income rounded to the nearest
$1,000, which conforms with the CFPB Privacy Guidance.\77\ Income will
continue to be disclosed in this manner in this File.
---------------------------------------------------------------------------
\76\ 12 CFR 1003.4(a)(10)(iii).
\77\ 84 FR at 659.
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Type of Purchaser: Type of Purchaser is a modified HMDA data
element reported by a loan originator that indicates the type of
purchaser for loans sold within the same calendar year as
origination.\78\ This includes separate values for Fannie Mae and
Freddie Mac.\79\ All Files in the current Single-Family PUDB include an
Enterprise Flag, which is equivalent to the HMDA Type of Purchaser
values for Fannie Mae and Freddie Mac. For the PUDB, the other Type of
Purchaser values are not relevant because, by definition, all PUDB
loans were purchased by the Enterprises.\80\ The Enterprise Flag will
continue to be disclosed in all Single-Family PUDB Files, including the
Census Tract File, without modification.
---------------------------------------------------------------------------
\78\ 12 CFR 1003.4(a)(11).
\79\ For all Type of Purchaser reporting codes, see 2018 CFPB,
2018 Reportable HMDA Data: A Regulatory and Reporting Overview
Reference Chart at 19, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31, 2018). The CFPB's 2015
modifications to Type of Purchaser are not relevant to the
Enterprise data. 80 FR at 66197.
\80\ See FHFA 2010 Order, 75 FR at 41186.
---------------------------------------------------------------------------
HOEPA Status: HOEPA Status is an unchanged HMDA data element that
indicates whether the loan is a HOEPA loan.\81\ HOEPA Status is
disclosed in the current PUDB Single-Family Census Tract File without
modification, in conformance with the CFPB Privacy Guidance.\82\ HOEPA
Status will continue to be disclosed in this File without modification.
---------------------------------------------------------------------------
\81\ 12 CFR 1003.4(a)(13). A HOEPA loan is a loan subject to the
Home Ownership and Equity Protection Act of 1994, as implemented by
Regulation Z, 12 CFR 1026.32, by reason of its interest rate or its
points and fees. The Enterprises purchase very few such loans.
\82\ 84 FR at 656.
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Lien Status: Lien Status is a modified HMDA data element that
indicates whether the loan is Secured by a First Lien, or Secured by a
Subordinate Lien.\83\ The current PUDB Single-Family Census Tract File
discloses Lien Status without modification, in conformance with the
CFPB Privacy Guidance.\84\ Lien Status will continue to be disclosed in
this File without modification.
---------------------------------------------------------------------------
\83\ 12 CFR 1003.4(a)(14). The CFPB modified this data element
to add the lien status for purchased loans, which is already
included in the PUDB. 80 FR at 66201; FHFA 2010 Order, 75 FR at
41184.
\84\ 84 FR at 656.
---------------------------------------------------------------------------
Loan Purpose (Purchase, Refinancing, and Home Improvement): Loan
Purpose is a modified HMDA data element that indicates whether the loan
was for Purchase, Refinancing, Cash-Out Refinancing, Home Improvement,
or Other.\85\ The Loan Purpose values for Purchase, Refinancing, and
Home Improvement are disclosed in the current PUDB Single-Family Census
Tract File without modification and will continue to be disclosed in
this manner in the Census Tract File, in conformance with the CFPB
Privacy Guidance.\86\ As discussed above in Section II.B.1, the new
Cash-Out Refinancing value will be added to the PUDB.
---------------------------------------------------------------------------
\85\ 12 CFR 1003.4(a)(3).
\86\ 84 FR at 656.
---------------------------------------------------------------------------
3. HMDA Single-Family Data Elements Excluded From the PUDB Due to Data
Quality Questions
FHFA has identified several new HMDA single-family data elements in
recently updated Enterprise single-family loan seller data collections.
They include data elements drawn from the Enterprises' Uniform Closing
Datasets (UCD), and new data elements added in the Uniform Loan
Delivery Dataset (ULDD) Phase 3. These data elements have not been
included in the Single-Family PUDB in the past, but are now subject to
inclusion because they are HMDA data elements that were collected by
the Enterprises in 2018. However, because these are new data
collections requiring further analysis to ensure data quality before
inclusion in the PUDB, FHFA is not requiring the Enterprises to report
them at this time for the PUDB. The data elements are discussed below.
Total Loan Costs, Origination Charges, and Lender Credits: These
are new HMDA data elements that incorporate certain loan cost items
from the closing disclosure required by the Truth in Lending Act/Real
Estate Settlement Procedures Act Integrated Disclosure (TRID).\87\
Total Loan Costs indicates the loan cost amount in dollars.\88\
Origination Charges indicates the total borrower-paid origination costs
for the loan.\89\ Lender Credits indicates any amounts the lender paid
to the borrower to offset closing costs.\90\
---------------------------------------------------------------------------
\87\ The CFPB implemented the TRID closing disclosure to provide
a single disclosure to help consumers understand all of the costs of
a mortgage transaction prior to closing, in accordance with the
direction of the Dodd-Frank Wall Street Reform and Consumer
Protection Act. See CFPB, Integrated Mortgage Disclosures Under the
Real Estate Settlement Procedures Act (Regulation X) and the Truth
In Lending Act (Regulation Z), Final Rule, 78 FR 79730 (Dec. 31,
2013). Regulation C incorporates some items exactly from the TRID
closing disclosure. See, e.g., 80 FR at 66211 (defining Regulation C
Origination Charges as the same as data entered on the closing
disclosure). The Enterprises' UCD includes the data from the TRID
closing disclosure. See Uniform Closing Dataset FAQ Updates, at
https://www.fanniemae.com/content/faq/uniform-closing-dataset-faqs.pdf (June 28, 2019) (joint Enterprise publication).
\88\ 12 CFR 1003.4(a)(17)(i).
\89\ 12 CFR 1003.4(a)(18).
\90\ 12 CFR 1003.4(a)(20).
---------------------------------------------------------------------------
Ethnicity, Race, and Sex: These are HMDA data elements that
indicate the ethnicity, race, and sex of the borrower and co-borrower.
The Regulation C amendments expanded the ethnicity and race categories
to include new sub-groups.\91\ The Enterprises required loan sellers to
begin reporting the new HMDA ethnicity and race data starting in mid-
2019, although some sellers voluntarily reported the new data in 2018.
During this transition period, the PUDB Single-Family Census Tract File
will continue to disclose ethnicity, race, and sex data in conformance
with the former HMDA reporting categories.
---------------------------------------------------------------------------
\91\ 12 CFR 1003.4(a)(10)(i); Appendix B to Part 1003.
---------------------------------------------------------------------------
Legal Entity Identifier (LEI): LEI is a new HMDA data element that
is a unique identification number associated
[[Page 34203]]
with the single legal entity that originated the loan.\92\ LEI is the
first 20 characters of the 45-character Universal Loan Identifier
(ULI), which is a new HMDA data element that is collected by the
Enterprises (discussed below in Section II.B.5.).\93\ LEI is intended
to be published by the CFPB without modification, although the ULI is
excluded to protect borrower privacy.\94\
---------------------------------------------------------------------------
\92\ 12 CFR 1003.4(a)(1) and 1003.5(a)(3). For purposes of HMDA,
the ``originator'' represented in the LEI is the ``the financial
institution that made the credit decision approving the application
before closing or account opening.'' Official Interpretations,
comment 4(a)-2(i).
\93\ LEI is reported both as part of the ULI under 12 CFR
1003.4(a)(1) and in the HMDA transmittal sheets under 12 CFR
1003.5(a)(3)(vii). The Enterprises do not collect HMDA transmittal
sheets, so they currently collect the LEI only via the ULI.
\94\ 84 FR at 657, 660.
---------------------------------------------------------------------------
Rate Spread: Rate Spread is a modified HMDA data element that
discloses the difference between the loan's Annual Percentage Rate and
the ``average prime offer rate'' for a comparable transaction, to the
third decimal place. Regulation C previously required that Rate Spread
only be reported for loans where the spread is at least 1.50 percentage
points.\95\ The modified HMDA Rate Spread must report the Rate Spread
of any amount for all loans.\96\ Rate Spread meeting the previous HMDA
definition is collected by the Enterprises and currently disclosed in
the PUDB Single-Family Census Tract File.\97\ The PUDB Single-Family
Census Tract File will continue to disclose Rate Spread as previously
defined under HMDA.
---------------------------------------------------------------------------
\95\ 80 FR at 66197-66198.
\96\ 12 CFR 1003.4(a)(12).
\97\ FHFA 2010 Order, 75 FR at 41185 (adding a Rate Spread data
element to the PUDB that aligned with the HMDA 2010 definition).
---------------------------------------------------------------------------
4. HMDA Single-Family Data Elements Not Collected by the Enterprises
and Not Included in the PUDB
Based on the review of the Enterprises' data mapping submissions,
FHFA concluded that the HMDA single-family data elements listed below
are not collected by the Enterprises from loan sellers. All of the data
elements except one relate to loan types not purchased by the
Enterprises and, thus, are not available for reporting. The remaining
data element, Business or Commercial Purpose, is partially represented
by other data elements in the PUDB and FHFA does not require the
Enterprises, while in conservatorship, to collect the rest of the data
from loan sellers solely to populate the PUDB. Accordingly, these data
elements are not available for inclusion in the Single-Family PUDB.
Reverse Mortgage, Open-End Line of Credit, and Prepayment Penalty
Term: Reverse Mortgage indicates that the loan was a reverse
mortgage.\98\ Open-End Line of Credit indicates an open-end line of
credit secured by a dwelling, such as a home equity line of credit.\99\
Prepayment Penalty Term discloses the length of any prepayment penalty
term during which a charge is imposed for pre-paying all or part of the
principal prior to the contractual due date.\100\ The Enterprises do
not collect these new HMDA data elements because they relate to loan
types the Enterprises do not purchase and, thus, are not available for
reporting. Accordingly, these data elements are not available for
inclusion in the Single-Family PUDB.
---------------------------------------------------------------------------
\98\ 12 CFR 1003.4(a)(36).
\99\ 12 CFR 1003.4(a)(37).
\100\ 12 CFR 1003.4(a)(22); 1026.32(b)(6)(i).
---------------------------------------------------------------------------
Business or Commercial Purpose: Business or Commercial Purpose
indicates whether the loan was used for a business or commercial
primary purpose.\101\ The Enterprise data partially aligns with the
Business or Commercial Purpose definition in Regulation C. The
Enterprises do not collect the data needed to determine whether
principal or second residence single-family loans are Business or
Commercial Purpose under Regulation C.\102\ FHFA will not require the
Enterprises to collect this data solely to populate the PUDB. However,
all Enterprise single-family investor loans are, by definition,
Business or Commercial Purpose under Regulation C.\103\ Because the
single-family investor loan data is already captured in other PUDB data
elements (Number of Units and Occupancy Code (Investment Property)), a
separate Business or Commercial Purpose data element will not be added
to the PUDB.
---------------------------------------------------------------------------
\101\ 12 CFR 1003.4(a)(38).
\102\ Regulation C requires applying the factors set out in the
Official Interpretation of Regulation Z, 12 CFR 1026.3(a), to
determine whether single-family principle or second residence loans
are Business or Commercial Purpose. See Official Interpretations to
Regulation C, 12 CFR 1003.4(a)(38) and 1003.3(c)(10) (comment
3(c)(10)-2). The Enterprises do not collect data required to make
such determinations.
\103\ See Official Interpretations, 4(a)(38), 3(c)(10)-3(i) and
3(iii).
---------------------------------------------------------------------------
Manufactured Home Secured Property Type: Manufactured Home Secured
Property Type is a new HMDA data element that indicates whether a
manufactured home loan was secured by the land and home, or only the
home.\104\ Because the Enterprises did not purchase manufactured home
loans secured only by the home in 2018, they did not collect this data
element and, therefore, it is not available for inclusion in the
Single-Family PUDB. The Enterprises did purchase manufactured home
loans secured by both the land and the home in 2018. These loan
purchases will be disclosed in the PUDB Single-Family Census Tract File
under the Construction Method data element, which, as discussed above
in Section II.B.2.i., identifies whether the property is Site Built or
a Manufactured Home.
---------------------------------------------------------------------------
\104\ 12 CFR 1003.4(a)(29).
---------------------------------------------------------------------------
Total Points and Fees: Total Points and Fees is a new HMDA data
element that applies to loans covered by the Ability to Repay rule that
were not subject to the TRID closing disclosure requirement and,
therefore, cannot report the TRID Total Loan Costs.\105\ According to
the CFPB, these loans generally are manufactured home loans secured
only by the home as personal property.\106\ Such loans must report the
total amount of points and fees calculated pursuant to Regulation
Z,\107\ which may differ from the TRID Total Loan Costs. Because
neither Enterprise acquired such loans in 2018, they did not collect
this data element and, therefore, it is not available for inclusion in
the Single-Family PUDB.
---------------------------------------------------------------------------
\105\ 80 FR at 66208; 12 CFR 1003.4(a)(17).
\106\ Id.
\107\ 12 CFR 1026.32(b)(1).
---------------------------------------------------------------------------
Non-Amortizing Features: Non-Amortizing Features is a new HMDA data
element that indicates whether the loan has any non-amortizing
features, such as Balloon Payments, Interest-Only Payments, or Negative
Amortization.\108\ The Enterprises indicated that they do not purchase
single-family loans with any non-amortizing features and, thus, do not
collect this data. This data element, therefore, is not available for
inclusion in the Single-Family PUDB.
---------------------------------------------------------------------------
\108\ 12 CFR 1003.4(a)(27).
---------------------------------------------------------------------------
Reason for Denial: Reason for Denial is a modified HMDA data
element that reports the reason a loan application was denied.\109\
Since the PUDB only contains loans that were purchased by the
Enterprises, this data element is inapplicable and, thus, not available
for inclusion in the Single-Family PUDB.\110\
---------------------------------------------------------------------------
\109\ 12 CFR 1003.4(a)(16).
\110\ This data element was excluded from the Single-Family PUDB
by the FHFA 2010 Order, 75 FR at 41186.
---------------------------------------------------------------------------
5. HMDA Single-Family Data Elements Excluded From the PUDB to Protect
Borrower Privacy
FHFA identified several new HMDA single-family data elements that
will be wholly excluded from the Single-Family PUDB to protect borrower
privacy, in conformance with the CFPB Privacy Guidance. In general,
these data
[[Page 34204]]
elements are unique and could facilitate re-identification of the
borrower. These data elements are not currently disclosed in the
Single-Family PUDB and will continue to be withheld. Accordingly, they
are not required to be reported by the Enterprises to FHFA for PUDB
purposes.
Universal Loan Identifier (ULI): ULI is a new HMDA data element
that provides a unique identifier for each HMDA loan record. As
discussed above in Section II.B.3., the ULI includes the LEI.\111\ The
Enterprises collect ULI from some loan sellers. Because the ULI is
uniquely identifying, the CFPB Privacy Guidance intends to exclude it
from the Regulation C dataset.\112\ In conformance with the CFPB
Privacy Guidance, the ULI will be excluded from the Single-Family
PUDB.\113\
---------------------------------------------------------------------------
\111\ 12 CFR 1003.4(a)(1)(i).
\112\ 84 FR at 660.
\113\ Any reported Non-Universal Loan Identifier (NULI) would
also be excluded from the PUDB to conform to the CFPB Privacy
Guidance. Id.
---------------------------------------------------------------------------
Application Date: Application Date is an unchanged HMDA data
element that indicates the date the loan application was received or
the date shown on the loan application form.\114\ The Enterprises
collect Application Date. Because Application Date presents borrower
privacy concerns, the CFPB intends to exclude it from its public
dataset.\115\ In conformance with the CFPB Privacy Guidance,
Application Date will continue to be excluded from the Single-Family
PUDB.
---------------------------------------------------------------------------
\114\ 12 CFR 1003.4(a)(1)(ii).
\115\ 84 FR at 660.
---------------------------------------------------------------------------
Property Address: Property Address is a new HMDA data element that
indicates the address of the property securing the loan.\116\ The
Enterprises collect Property Address. Because Property Address is
uniquely identifying, the CFPB intends to exclude it from its public
dataset.\117\ In conformance with the CFPB Privacy Guidance, Property
Address will continue to be excluded from the Single-Family PUDB.
---------------------------------------------------------------------------
\116\ 12 CFR 1003.4(a)(9)(i).
\117\ 84 FR at 663.
---------------------------------------------------------------------------
Credit Score: Credit Score is a new HMDA data element indicating
the credit score relied on by the lender to make the decision on the
loan application.\118\ Credit Score is currently published in ranges in
the PUDB Single-Family National File C, in accordance with FHFA's
statutory requirement to publish high-cost securitized mortgage data,
which includes data about borrower creditworthiness.\119\ The CFPB
requires Credit Score to be reported by lenders, but intends to exclude
it from disclosure in its public dataset.\120\ FHFA will continue
disclosing Credit Score in the PUDB Single-Family National File C in
ranges to fulfill its separate statutory obligation to publish high-
cost securitized mortgage data, but will not add it to the Census Tract
File in order to remain aligned with the CFPB Privacy Guidance.
---------------------------------------------------------------------------
\118\ 12 CFR 1003.4(a)(15)(i).
\119\ 12 U.S.C. 4546(d)(2); FHFA 2011 Order, 76 FR at 60034.
\120\ 84 FR at 665.
---------------------------------------------------------------------------
Nationwide Mortgage Licensing System and Registry ID (NMLSR ID):
NMLSR ID is a new HMDA data element that identifies the mortgage loan
originator, as defined in Regulation G \121\ or Regulation H,\122\ as
applicable.\123\ The Enterprises collect NMLSR ID. Because NMLSR ID
could identify a borrower, the CFPB Privacy Guidance intends to exclude
it from the CFPB's public dataset.\124\ In conformance with the CFPB
Privacy Guidance, NMLSR ID will continue to be excluded from the
Single-Family PUDB.
---------------------------------------------------------------------------
\121\ 12 CFR 1007.102.
\122\ 12 CFR 1008.23.
\123\ 12 CFR 1003.4(a)(34).
\124\ 84 FR at 667.
---------------------------------------------------------------------------
Automated Underwriting System Result (AUS Result): AUS Result is a
new HMDA data element that identifies the result provided by any AUS
used to evaluate a loan application.\125\ The Enterprises collect AUS
Result. The CFPB Privacy Guidance intends to exclude AUS Result from
the CFPB's public dataset because it presents borrower privacy
concerns.\126\ In conformance with the CFPB Privacy Guidance, AUS
Result will continue to be excluded from the Single-Family PUDB.
---------------------------------------------------------------------------
\125\ 12 CFR 1003.4(a)(35).
\126\ 84 FR at 668.
---------------------------------------------------------------------------
C. Multifamily PUDB
1. New or Modified HMDA Multifamily Data Elements Added to the PUDB
The following multifamily data elements added or modified by the
amended Regulation C will be added to the PUDB Multifamily Census Tract
File.
Prepayment Penalty Term: Prepayment Penalty Term is a new HMDA data
element that indicates the length of any prepayment penalty term during
which a charge is imposed for pre-paying all or part of the principal
prior to the contractual due date.\127\ The Enterprises collect this
data element. Prepayment Penalty Term will be disclosed without
modification in the PUDB Multifamily Census Tract File, in conformance
with the CFPB Privacy Guidance.\128\
---------------------------------------------------------------------------
\127\ 12 CFR 1003.4(a)(22); 1026.32(b)(6)(i).
\128\ 84 FR at 656.
---------------------------------------------------------------------------
Property Value: Property Value is a new HMDA data element that
indicates the value of the property securing the loan, in exact
dollars, that was relied on by the lender in making the credit decision
to originate the loan.\129\ The Enterprises collect this data element.
Because Property Value can be highly unique within a census tract, the
CFPB Privacy Guidance intends to require that it be disclosed as the
midpoint of the $10,000 interval in which the reported value falls in
order to reduce the ability to match the loan with other sources of
data and facilitate re-identification of the borrower.\130\ The PUDB
Multifamily Census Tract File will disclose Property Value with the
same modification, in conformance with the CFPB Privacy Guidance.
---------------------------------------------------------------------------
\129\ 12 CFR 1003.4(a)(28).
\130\ 84 FR at 663.
---------------------------------------------------------------------------
Combined Loan-to-Value (CLTV): CLTV is a new HMDA data element that
indicates the ratio at origination of the total amount of debt secured
by the property to the value of the property relied on in making the
credit decision (discussed above), disclosed as a percentage.\131\ The
Enterprises collect this data element as LTV or CLTV where available.
LTV or CLTV will be disclosed without modification in the PUDB
Multifamily Census Tract File, without disclosing whether the value is
CLTV or LTV, in conformance with the CFPB Privacy Guidance.\132\
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\131\ 12 CFR 1003.4(a)(24). Some multifamily CTLV data reported
by the Enterprises may reflect multiple loans and/or multiple
properties.
\132\ 84 FR at 656.
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Interest Rate: Interest Rate is a new HMDA data element that
reports the actual note rate on the loan as a percentage to at least
three decimal places.\133\ The Enterprises collect this data element.
Interest Rate will be disclosed in the PUDB Multifamily Census Tract
File without modification, in conformance with the CFPB Privacy
Guidance.\134\
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\133\ 12 CFR 1003.4(a)(21); CFPB, 2018 Reportable HMDA Data: A
Regulatory and Reporting Overview Reference Chart at 27, https://files.consumerfinance.gov/f/documents/201710_cfpb_reportable-hmda-data_regulatory-and-reporting-overview-reference-chart.pdf (Aug. 31,
2018).
\134\ 84 FR at 656.
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Non-Amortizing Features: Non-Amortizing Features is a new HMDA data
element that indicates whether the loan has non-amortizing loan
features, including Balloon Payment, Interest-Only Payments, Negative
Amortization, or Other Non-Amortizing Feature.\135\
[[Page 34205]]
The Enterprises indicated that they collect the same HMDA data values
for this data element. Accordingly, Non-Amortizing Features will be
disclosed without modification in the PUDB Multifamily Census Tract
File, in conformance with the CFPB Privacy Guidance.\136\
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\135\ 12 CFR 1003.4(a)(27).
\136\ 84 FR at 656.
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Multifamily Affordable Units: Multifamily Affordable Units is a new
HMDA data element that indicates the exact number of individual
dwelling units related to the property that are income-restricted under
federal, state, or local affordable housing programs.\137\ The
Enterprises indicated that they collect this data. Multifamily
Affordable Units will be disclosed as a percentage of total units in
the PUDB Multifamily Census Tract File, in conformance with the CFPB
Privacy Guidance.\138\
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\137\ 12 CFR 1003.4(a)(32).
\138\ 84 FR at 666-667.
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Loan Amount (Note Amount): Loan Amount is a modified HMDA data
element that identifies the Note Amount and the UPB at the time of
purchase (discussed below in Section II.C.2.i.). The Enterprises
collect both data element values. The current PUDB Multifamily Census
Tract File does not include Note Amount. A new data element for Note
Amount that will identify the amount to be repaid as disclosed on the
legal obligation will be added to the PUDB Multifamily Census Tract
File. Note Amount will be disclosed as the midpoint of the $10,000
interval in which the actual amount falls, in conformance with the CFPB
Privacy Guidance.\139\
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\139\ 84 FR at 661.
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Loan Purpose (Cash-Out Refinancing): Loan Purpose is a modified
HMDA data element that indicates whether the loan was for Purchase,
Refinancing, Home Improvement, Cash-Out Refinancing, or Other. The
Regulation C amendments added the values for Cash-Out Refinancing \140\
and Other. (The other Loan Purpose values are discussed separately
below in Section II.C.2.ii.). Fannie Mae indicated that it collects
Cash-Out Refinancing for multifamily loans, but Freddie Mac indicated
that it does not. Cash-Out Refinancing will be added without
modification to the PUDB Multifamily Census Tract File as a value for
Loan Purpose, in conformance with the CFPB Privacy Guidance.\141\
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\140\ 12 CFR 1003.4(a)(3). ``Cash-Out Refinancing'' is defined
as a loan that ``the institution considered to be a cash-out
refinancing in processing the application or setting the terms (such
as the interest rate or origination charges) under its guidelines or
an investor's guidelines.'' Official Interpretations, comment
4(a)(3)-2.
\141\ 84 FR at 656.
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Construction Method: Construction Method is a new HMDA data element
that discloses some of the same information as the former HMDA Property
Type.\142\ Construction Method indicates whether the property is Site
Built or a Manufactured Home. In the multifamily context, Manufactured
Home refers to manufactured home communities.\143\ Construction Method
is collected by the Enterprises but is not currently disclosed in the
Multifamily PUDB. Construction Method will be disclosed without
modification in the PUDB Multifamily Census Tract File, in conformance
with the CFPB Privacy Guidance.\144\
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\142\ 12 CFR 1003.4(a)(5) and (31).
\143\ Official Interpretations, comment 4(a)(5)-2.
\144\ 84 FR at 656.
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Loan Term: Loan Term is a new HMDA data element that indicates the
number of months until the loan reaches maturity.\145\ For purchased
loans, Loan Term is measured from origination.\146\ Loan Term will be
disclosed without modification in the PUDB Multifamily Census Tract
File, in conformance with the CFPB Privacy Guidance.\147\ Previously,
Loan Term had been withheld from the PUDB on proprietary grounds.
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\145\ 12 CFR 1003.4(a)(25).
\146\ Official Interpretations, comment 4(a)(25)-3.
\147\ 84 FR at 656.
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2. HMDA Multifamily Data Elements Already in the PUDB
i. Disclosure Changes in the PUDB
The multifamily data elements listed below were previously withheld
from the PUDB or disclosed in the PUDB with proprietary protections,
but were defined by the Regulation C amendments as HMDA data elements
in 2018 and must now be disclosed.\148\ The data elements previously
disclosed only in the National File that must now be disclosed in the
Census Tract File will continue to be disclosed in the National File as
well as being added to the Census Tract File. All of the data elements
will be modified as appropriate in the PUDB to conform to the CFPB
Privacy Guidance.
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\148\ 12 U.S.C. 4543(b)(2).
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Total Units: The Regulation C amendments added a new Total Units
data element that discloses the number of units in ranges.\149\ The
PUDB Multifamily National File previously included a data element
called Total Number of Units that disclosed the actual number of units
without modification. Because Total Number of Units is now a HMDA data
element, it will be added to the Census Tract File. It will now be
disclosed in the National File in ranges, rather than as the actual
number of units as previously disclosed. This conforms to the CFPB
Privacy Guidance, except for a minor change to the CFPB's intended
ranges.\150\
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\149\ 80 FR at 66157, 66227.
\150\ 84 FR at 666-667. FHFA's Total Units ranges will differ
slightly from the CFPB's intended ranges. The CFPB discloses the
number of units in the ranges 5 to 24, 25 to 49, 50 to 99, and 100
to 149, with top-coding. FHFA will change the 25-49 and 50-99 bins
to 25-50 and 51-99, to align with FHFA's definition of ``small
multifamily property.'' See 12 CFR 1282.1.
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Action Taken Date (Loan Originated): Action Taken Date is an
unchanged HMDA data element that reports the action, and the date that
action was taken.\151\ For the Enterprise data and PUDB purposes, the
relevant HMDA Action Taken Date values are Loan Originated and
Purchased Loan (discussed below in Section II.C.2.ii.).\152\ The CFPB
intends to withhold all Action Taken Dates from its public dataset
since the exact dates could be used to match to other public datasets
with individually identifying information.\153\ However, the year of
origination or purchase can always be inferred from the CFPB's public
dataset because it only contains loans that were originated or
purchased in that year--e.g., the dataset with 2018 data only contains
loans originated or purchased in 2018. The current PUDB Multifamily
National File includes a field for Date of Mortgage Note that conforms
with the HMDA Loan Originated value. Date of Mortgage Note is modified
in the current PUDB to disclose whether the loan was originated in the
same year it was acquired, or in any prior year. To conform with the
CFPB Privacy Guidance, Date of Mortgage Note will be disclosed in the
Census Tract File. This modification conforms with the CFPB's intended
withholding of the actual date since the year of origination can be
inferred from the year of the CFPB's public dataset.
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\151\ 12 CFR 1003.4(a)(8)(i)(A) and (ii). The PUDB combines
Action Taken and Action Taken Date, since there is only one possible
action by the Enterprises (purchase) but two available dates in the
Enterprise data (origination and purchase).
\152\ Action Taken also requires reporting actions that do not
apply to originated loans (e.g., application denied). 12 CFR
1003.4(a)(8)(i)(B) and (C). Since the PUDB only contains data on
originated loans, and the Enterprises do not collect data on loans
that were not originated, these values are not relevant.
\153\ 84 FR at 663.
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Loan Amount (UPB): Loan Amount is a modified HMDA data element that
identifies the Note Amount (discussed above in Section II.C.1.) and the
UPB at the time of purchase.\154\ The current
[[Page 34206]]
PUDB Multifamily Census Tract File includes a data element named
Acquisition UPB that aligns with the UPB at the time of purchase.
Acquisition UPB was previously rounded to the nearest $1,000 in the
PUDB. Acquisition UPB will continue to be disclosed in the Census Tract
File, but the disclosure will be changed to the midpoint of the $10,000
interval in which the actual amount falls, in accordance with the CFPB
Privacy Guidance.\155\
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\154\ 12 CFR 1003.4(a)(7)(i). Where more than one property
collateralizes a loan and/or loans, the acquisition UPB is allocated
among the properties in the multifamily data collected by the
Enterprises.
\155\ 84 FR at 661.
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ii. No Disclosure Changes in the PUDB
The HMDA multifamily data elements listed below are currently
disclosed in the PUDB Multifamily Census Tract File and were unchanged
by the Regulation C amendments, or modified in a way that is irrelevant
to Enterprise data. Accordingly, they will continue to be disclosed in
the same manner in this File. No changes in reporting or disclosure are
necessary to conform with Regulation C.
Action Taken Date (Purchased Loan): Action Taken Date is an
unchanged HMDA data element that indicates the action, and the date
that action was taken.\156\ For the Enterprise data and PUDB purposes,
the relevant HMDA Action Taken Date values are Loan Originated
(discussed above in Section II.C.2.i.) and Purchased Loan. Action Taken
Date for Purchased Loans is the date the loan was purchased from an
originator.\157\ To protect borrower privacy, the CFPB intends to
withhold this date from its public dataset, but the year of purchase
can be inferred from the year of the dataset, which contains data on
loans purchased in a single calendar year. Likewise, the year of
Enterprise acquisition can be inferred from the year of the PUDB, which
only contains data on loans acquired by the Enterprises in a single
calendar year. Accordingly, no data elements need to be added to the
PUDB Multifamily Census Tract File to conform with Regulation C.
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\156\ 12 CFR 1003.4(a)(8)(i)(A) and (ii).
\157\ 12 CFR 1003.4(a)(8)(A).
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Loan Type: Loan Type is an unchanged HMDA data element that
indicates whether the loan was insured by the Federal Housing
Administration, guaranteed by the Department of Veterans Affairs,
guaranteed by the Rural Housing Service or the Farm Service Agency, or
Conventional.\158\ The current PUDB Multifamily Census Tract File
includes a data element for Federal Guarantee which conforms with HMDA
Loan Type. Federal Guarantee will continue to be disclosed without
modification in the PUDB Multifamily Census Tract File, in conformance
with the CFPB Privacy Guidance.\159\
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\158\ 12 CFR 1003.4(a)(2).
\159\ 84 FR at 656.
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Property Location: Property Location is an unchanged HMDA element
that indicates the State, County, and Census Tract location of the
mortgaged property.\160\ These data values are currently disclosed
without modification in the PUDB Multifamily Census Tract File, in
conformance with the CFPB Privacy Guidance.\161\ They will continue to
be disclosed in this manner in this File.
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\160\ 12 CFR 1003.4(a)(9)(ii).
\161\ 84 FR at 656.
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Type of Purchaser: Type of Purchaser is a modified HMDA data
element that indicates the type of purchaser for loans sold within the
same calendar year as origination.\162\ This includes separate values
for Fannie Mae and Freddie Mac.\163\ All Files in the current
Multifamily PUDB include an Enterprise Flag, which is equivalent to the
HMDA Type of Purchaser values for Fannie Mae and Freddie Mac. For
purposes of the PUDB, the other Type of Purchaser values are not
relevant because, by definition, all PUDB loans were purchased by the
Enterprises. The Enterprise Flag will continue to be disclosed without
modification in all Multifamily PUDB Files, including the Census Tract
File.
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\162\ 12 CFR 1003.4(a)(11).
\163\ See FHFA 2010 Order, 75 FR at 41186.
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Lien Status: Lien Status is a modified HMDA data element that
indicates whether the property is Secured by a First Lien, or Secured
by a Subordinate Lien.\164\ The current PUDB Multifamily Census Tract
File discloses lien status for purchased loans without modification, in
conformance with the CFPB Privacy Guidance, and will continue to do
so.\165\
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\164\ 12 CFR 1003.4(a)(14). The CFPB modified this data element
to include the lien status for purchased loans. 80 FR at 66201.
Since FHFA already requires the Enterprises to report all data they
possess, regardless of HMDA loan purchaser requirements, this
modification does not impact the Enterprise data.
\165\ 84 FR at 656.
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Loan Purpose (Purchase, Refinancing, and Home Improvement): Loan
Purpose is a modified HMDA data element that indicates whether the loan
was for Purchase, Refinancing, Cash-Out Refinancing, Home Improvement,
or Other.\166\ The Loan Purpose values for Purchase, Refinancing, and
Home Improvement are disclosed in the current PUDB Multifamily Census
Tract File without modification, and will continue to be disclosed in
this manner in the Census Tract File, in conformance with the CFPB
Privacy Guidance.\167\ (The new Loan Purpose value for Cash-Out
Refinancing is discussed separately above in Section II.C.1.)
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\166\ 12 CFR 1003.4(a)(3).
\167\ 84 FR at 656.
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3. HMDA Multifamily Data Elements Not Collected by the Enterprises and
Not Included in the PUDB
Based on the review of the Enterprises' data mapping submissions,
FHFA concluded that the HMDA multifamily data elements listed below are
not collected by the Enterprises from loan sellers, or are related to
loan types not purchased by the Enterprises, and are, thus, not
available for reporting. FHFA does not require the Enterprises, while
in conservatorship, to collect data from loan sellers solely to
populate the PUDB. Accordingly, these data elements are not available
for inclusion in the Multifamily PUDB.
The data elements are: Universal Loan Identifier/Legal Entity
Identifier, Occupancy Type, Ethnicity/Race/Sex, Age, Reason for Denial,
Total Loan Costs, Total Points and Fees, Origination Charges, Discount
Points, Lender Credits, HOEPA Status, Introductory Rate Period, NMLSR
ID, AUS Name, AUS Result, Reverse Mortgage, Business or Commercial
Purpose,\168\ Open-End Line of Credit, Credit Scoring Model,
Application Channel, and Rate Spread.
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\168\ Although the Enterprises do not collect any specific data
on Regulation C's Business or Commercial Purpose data element, all
multifamily loans are, by definition, Business or Commercial loans
under HMDA. See Official Interpretations, comment 3(c)(10)-3(i).
Thus, all loans in the PUDB Multifamily Files are Business or
Commercial Purpose and no additional data element is required to be
reported or disclosed in the PUDB.
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4. HMDA Multifamily Data Elements Excluded From the PUDB To Protect
Borrower Privacy
FHFA identified three HMDA multifamily data elements that are
collected by the Enterprises and will be wholly excluded from the
Multifamily PUDB to protect borrower privacy, in conformance with the
CFPB Privacy Guidance. These data elements, discussed below, are not
currently disclosed in the Multifamily PUDB and are not required to be
reported by the Enterprises to FHFA for PUDB purposes.\169\
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\169\ FHFA may, however, require the Enterprises to report these
data elements to FHFA for other purposes.
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Application Date: Application Date is an unchanged HMDA data
element that indicates the date the loan application
[[Page 34207]]
was received or the date shown on the loan application form.
Application Date is collected by the Enterprises.\170\ Because
Application Date presents borrower privacy concerns, the CFPB Privacy
Guidance intends to exclude it from the CFPB's public dataset.\171\
Accordingly, Application Date will not be included in the Multifamily
PUDB, in conformance with the CFPB Privacy Guidance.
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\170\ 12 CFR 1003.4(a)(1)(ii).
\171\ 84 FR at 660.
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Property Address: Property Address is a new HMDA data element that
indicates the address of the property securing the loan.\172\ Property
Address is collected by the Enterprises. Because Property Address is
uniquely identifying, the CFPB Privacy Guidance intends to exclude it
from its public dataset.\173\ Accordingly, Property Address will not be
included in the Multifamily PUDB, in conformance with the CFPB Privacy
Guidance.
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\172\ 12 CFR 1003.4(a)(9)(i).
\173\ 84 FR at 663.
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Credit Score: Credit Score is a new HMDA data element that
indicates the credit score relied on by the lender to make the decision
on the application.\174\ The Enterprises collect Credit Score for some
natural person multifamily borrowers. The CFPB requires Credit Score to
be reported, but the CFPB Privacy Guidance intends to exclude it from
disclosure in the CFPB's public dataset.\175\ Accordingly, Credit Score
will not be included in the Multifamily PUDB, in conformance with the
CFPB Privacy Guidance.
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\174\ 12 CFR 1003.4(a).
\175\ 84 FR at 665.
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5. Multifamily Data Elements Exempt From HMDA
Under Regulation C, Preapproval, Income, Debt-to-Income,
Manufactured Home Secured Property Type, and Manufactured Home Land
Property Interest data are not reported for multifamily loans.\176\
Accordingly, these are not HMDA data elements for PUDB purposes. They
are not included in the current Multifamily PUDB and will not be added
to the Multifamily PUDB.
---------------------------------------------------------------------------
\176\ Official Interpretations, comment 2(n)-2.
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IV. Duty To Serve Geographic Indicators Added to the PUDB
FHFA's Order revises the PUDB single-family and multifamily
matrices to add in the Census Tract Files geographic indicators that
correspond to regions of focus under the Duty to Serve program.\177\
The geographic identifiers include codes for Rural, Lower Mississippi
Delta, Middle Appalachia, Persistent Poverty County, Area of
Concentrated Poverty, and High Opportunity Area. These codes will not
flag individual loans purchased by the Enterprises that actually
qualified for Duty to Serve credit, but rather whether the mortgage
property is located in one of these geographical areas that the Duty to
Serve regulation identifies for Enterprise efforts.
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\177\ 12 CFR part 1282, subpart C.
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Since the geographic indicators can already be derived from the
census tract disclosed in the PUDB Census Tract Files and other public
data, they will not introduce any new privacy or proprietary data
concerns, nor will they necessitate any additional reporting by the
Enterprises.
The Safety and Soundness Act provides that the Director shall make
the required PUDB data elements public in forms useful to the
public.\178\ Adding the geographic indicators in the PUDB will provide
greater transparency to the public about the Enterprises' Duty to Serve
activities.
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\178\ 12 U.S.C. 4543(a)(1).
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V. Order
For the convenience of the affected parties, and the public, the
Order is recited below in its entirety. The Order is also available for
public inspection and copying at FHFA's Freedom of Information Act
(FOIA) Reading Room at https://www.fhfa.gov/AboutUs/FOIAPrivacy/Pages/Reading-Room.aspx by clicking on ``Click here to view Orders'' under
the Final Opinions and Orders heading.
The text of the Orders is as follows:
Federal Housing Finance Agency
Order Nos. 2020-OR-FNMA-2; and 2020-OR-FHLMC-2.
Revisions to Data Requirements for Enterprise Public Use Database To
Include New Home Mortgage Disclosure Act Data Elements
Whereas, the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992 (Safety and Soundness Act) (12 U.S.C. 4543)
requires the Federal Housing Finance Agency (FHFA) to make available
annually to the public certain loan-level mortgage data elements
related to single-family and multifamily mortgages purchased by the
Federal National Mortgage Association (Fannie Mae) and the Federal Home
Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises)
in a calendar year;
Whereas, FHFA publishes annually the required Enterprise mortgage
data elements in an Enterprise Public Use Database (PUDB);
Whereas, the mortgage data elements for the PUDB are submitted by
Fannie Mae and Freddie Mac to FHFA in the reports required under
section 309(m) of the Federal National Mortgage Association Charter Act
(12 U.S.C. 1723a(m)) and section 307(e) of the Federal Home Loan
Mortgage Corporation Act (12 U.S.C. 1456(e)), respectively, and in
other submissions to FHFA;
Whereas, the Safety and Soundness Act (12 U.S.C. 4543(a)(2),
4546(d)(1)) further provides that the mortgage data elements must
include data elements that are the same as those required to be
reported under the Home Mortgage Disclosure Act of 1975 (HMDA) (12
U.S.C. 2801 et seq.), which must be made available to the public at the
census tract level, subject to privacy considerations, as described in
section 304(j) of HMDA (12 U.S.C. 2803(j)), and thus may not be
withheld from public disclosure notwithstanding any Enterprise
proprietary interests;
Whereas, in 2015, the Consumer Financial Protection Bureau (CFPB)
added new definitions for HMDA data elements in amendments to
Regulation C (12 CFR part 1003), which took effect on January 1, 2018
for mortgages originated in 2018 and thereafter;
Whereas, as a result of the Regulation C amendments, any new data
elements collected by the Enterprises that conform to the new HMDA
definitions in Regulation C must be added to the PUDB;
Whereas, FHFA identified the data elements collected by the
Enterprises in 2018 that conform to the new HMDA definitions in
Regulation C that are of appropriate data quality for public
disclosure;
Whereas, section 304(j)(2)(B) of HMDA (12 U.S.C. 2803(j)(2)(B))
provides that the CFPB shall protect any privacy interest of borrowers
in the release of HMDA data elements, and the CFPB has issued privacy
guidance to implement the HMDA statutory privacy requirements (84 FR
649 (Jan. 31, 2019));
Whereas, pursuant to the requirement under the Safety and Soundness
Act to consider the HMDA privacy requirements for HMDA data elements
published in the PUDB, FHFA is following the CFPB privacy guidance for
all of the HMDA data elements in the PUDB, with one minor change to the
manner of disclosure of multifamily Total Units;
Whereas, pursuant to the Safety and Soundness Act (12 U.S.C.
4543(a)(1)), the Director shall make the required data elements public
in forms useful to the public, and has determined that
[[Page 34208]]
adding certain geographic indicators that correspond to certain regions
of focus under the Enterprise Duty to Serve program (12 CFR part 1282,
subpart C) will help provide greater transparency to the public about
the Enterprises' Duty to Serve activities;
Whereas, to comply with the Safety and Soundness Act, it is
necessary for FHFA to make changes to the data fields in the single-
family and multifamily matrices of the PUDB, which set forth the data
required to be submitted for the PUDB and the privacy and proprietary
modifications to that data, as directed in this Order;
Now, therefore, it is hereby ordered as follows:
1. The data fields in the single-family and multifamily matrices of
the PUDB are revised as set forth in the matrices published on the FHFA
website at https://www.fhfa.gov/DataTools/Downloads/Pages/Public-Use-Databases.aspx, which are incorporated herein by reference, to include:
(a) The data elements that are the same as those required to be
reported under HMDA, pursuant to 12 U.S.C. 4543(a)(2) and 4546(d)(1),
except for certain newly collected data elements that require further
analysis to ensure data quality before inclusion in the PUDB;
(b) Revised proprietary and privacy protections, including the
disclosure of data elements previously withheld or modified on
proprietary grounds that are no longer eligible for proprietary
protection under 12 U.S.C. 4543(b)(2); and
(c) Certain Duty to Serve geographic indicators;
2. The Enterprises shall provide to FHFA the mortgage data elements
required to populate the data fields described in the single-family and
multifamily matrices for inclusion in the 2018 PUDB no later than four
weeks from the date of this Order, pursuant to instructions issued by
FHFA staff, and shall provide such data elements annually thereafter to
FHFA for future PUDBs in accordance with applicable FHFA regulations
and any additional instructions issued by FHFA staff;
3. This Order modifies the FHFA Order on the Public Use Database
for Enterprise Mortgage Purchases, dated July 1, 2010 (75 FR 41180,
41189) (July 15, 2010), and the FHFA Order on Revisions to Enterprise
Public Use Database Incorporating High-Cost Single-Family Securitized
Loan Data Fields and Technical Data Field Changes, dated Sept. 21, 2011
(76 FR 60031, 60036) (Sept. 28, 2011); and
4. A new 2018 PUDB shall be released by FHFA containing the data
elements for loans acquired by the Enterprises in 2018 added by this
Order, replacing the interim PUDB released on September 23, 2019, which
does not include the new HMDA data elements or Duty to Serve geographic
indicators.
It is so ordered, this the 27th day of May, 2020.
This Order is effective immediately.
Signed at Washington, DC, this 27th day of May, 2020.
Mark A. Calabria,
Director, Federal Housing Finance Agency.
[FR Doc. 2020-11819 Filed 6-2-20; 8:45 am]
BILLING CODE 8070-01-P
