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Financial Institution Letter
Home Mortgage Disclosure Act

SUBJECT: Proposed Staff Commentary to Regulation C

The Federal Reserve Board has issued for public comment a proposed commentary to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The proposed staff commentary provides guidance on various issues, including the reporting of: requests from home buyers to "prequalify" for a mortgage loan; loan participations; refinancings; home equity lines of credit; and loan applications received through a mortgage broker. The proposed commentary also discusses the effects of various merger situations on a mortgage lender's responsibility to report HMDA data. When made final by the Federal Reserve Board, the commentary will be a valuable additional resource for HMDA-reporting institutions in complying with Regulation C.

Attached is copy of the proposed commentary, which was published in the Federal Register on June 7, 1995. Written comments must be submitted to the Federal Reserve Board by August 7, 1995. Comment letters should be addressed to: Mr. William W. Wiles, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551. Also attached for your reference is an updated version of Appendix A, the instructions to Regulation C. Appendix A is cited in the proposed commentary and, thus, will be helpful as you review the commentary. Appendix A has been approved as a final rule and is not open for comment at this time. Please limit your comments to the proposed staff commentary.

For more information, please contact any of the Federal Reserve staff listed on page 30014 of the attached Federal Register notice.

Paul L. Sachtleben


Distribution: FDIC-Supervised Banks (Commercial and Savings) and Selected Subsidiaries

Last Updated: June 30, 1995