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Informational Memorandum
Subject:Regulation C, Home Mortgage Disclosure Act
Date of Memorandum:12/08/1998
Expiration Date:
Signed By:Smith, Roland
FCA Contact Person:Holland, Tom
Contact Phone:703-883-4484
List of Attachments:Copy of final rule to Regulation C


December 8, 1998

To: The Chief Executive Officer
All Farm Credit System Institutions

From: Roland E. Smith, Director /s/
Office of Examination

Subject: Regulation C, Home Mortgage Disclosure Act

Through Bookletter 331-OE, issued on June 23, 1992, the Farm Credit Administration (FCA) informed Farm Credit System (FCS) institutions of their reporting requirements under Regulation C (12 CFR Part 203), which implements the Home Mortgage Disclosure Act (HMDA). A revision has been issued of A Guide to HMDA Reporting: Getting it Right! The guide includes, in one publication, all the regulatory references needed to complete the preparation of the Loan/Application Register for reporting due March 1, 1999. To obtain a free copy of the guide send a letter requesting the guide to:

Also, attached is a copy of a final rule change to Regulation C issued by the Board of Governors of the Federal Reserve System. This final rule, effective September 24, 1998, clarifies coverage of nondepository lending institutions and describes modifications to the Loan/Application Register.

Under Regulation C, an FCS institution is considered to be a for-profit, mortgage-lending institution and may be subject to the regulation’s reporting requirements for the current year if its home purchase loan originations (including refinancings of home purchase loans) equaled or exceeded 10 percent of its total loan origination volume, measured in dollars, in the preceding calendar year. Additional criteria to determine whether your institution is required to compile and report HMDA data can be found on the attached decision tree, excerpted from A Guide to HMDA Reporting: Getting it Right! If your institution meets the reporting requirements, it must complete a Loan/Application Register, listing data about home purchase and home improvement loan applications received, loans originated, and loans purchased in the current year. Regulation C requires a covered institution to record loan and application data in its Loan/Application Register within 30 days of the calendar quarter in which it took final action on the application.

FCA is providing this information as a courtesy to keep you informed of developments that may affect your institution. If you have any questions regarding this document or similar previous documents, please call Thomas J. Holland, Director, Special Examination and Supervision Division, Office of Examination, at (703) 883-4483, or correspond on the Internet at e-mail address