FFIEC HMDA Guide to Getting it Right 2023 Released

The FFIEC’s 2023 Guide to HMDA Reporting - Getting it Right, is now available. The 2023 guide focuses on HMDA data submissions due March 1, 2024, and offers the most official source for assisting institutions in their HMDA reporting. The 2023 guide reflects a technical amendment to the 2020 HMDA rule to adjust the loan volume thresholds effective January 1, 2023, for reporting HMDA data on closed-end mortgage loans.

CFPB Announces Revised Methodology for Determining APOR

The CFPB announced a revised version of its “Methodology for Determining Average Prime Offer Rates.” The revised methodology describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage loans that have low-risk pricing characteristics. The methodology statement has been revised to address the upcoming unavailability of certain data the CFPB previously relied on to calculate APORs. On or after April 21, 2023, the CFPB will begin using ICE Mortgage Technology data and the CFPB’s revised methodology to calculate APORs.

FinCEN Issues Financial Trends Analysis

FinCEN issued a Financial Trend Analysis which provides threat pattern and trend information on Business Email Compromise (BEC) incidents in the real estate sector, based on Bank Secrecy Act (BSA) data filed with the Financial Crimes Enforcement Network (FinCEN) between January 2020 and December 2021. The Analysis states that the perpetrators of these attacks typically aim to defraud individuals and entities in connection with real estate transactions; their techniques include obtaining unauthorized access to networks and systems to misappropriate confidential and proprietary information. Individual homebuyers suffer disproportionately from these incidents. The sector remains a target for BEC attacks exploiting the high monetary values generally associated with real estate transactions and the various communications between entities involved in the real estate closing process.

WA State DFI Publishes Winter/Spring Consumer Services Newsletter

Washington’s Department of Financial Institutions published its Winter/Spring 2023 Consumer Services Newsletter. Topics included in this issue are common exam findings, preparing for an examination, information on data security breaches impacting Washington residents, and a message from the Consumer Services Directory.