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Industry Letters

Regulation C – Home Mortgage Disclosure Act Reporting Revisions and NY State Part 41 Loans


May 9, 2005

To: The Licensed Mortgage Banker addressed:

Re: Regulation C – Home Mortgage Disclosure Act Reporting Revisions and NY State Part 41 Loans


As part of the New York State Banking Department’s ongoing effort to strengthen awareness and compliance with the reporting revisions of Regulation C – Home Mortgage Disclosure Act, the attached information is provided as a reminder to help you in complying with the law.  In order to ensure that our supervised mortgage bankers are meeting the requirements of the revisions to Regulation C, we are requesting that all mortgage bankers, subject to reporting HMDA information for year 2003 and/or 2004, submit such data to us, in standard electronic regulatory format, for our review and validation by June 1st 2005.

Compliance with amendments to Part 410.8 was required as of July 1, 2004.  In particular, section 410.8(q) of the Superintendent's Regulations requires mortgage bankers that are not required to submit HMDA data to maintain such data on an annual basis for a minimum of three years.  Accordingly, all mortgage bankers, not subject to reporting HMDA information for year 2003 and/or 2004, should submit the above data to us for the period of July 1, 2004 through December 31st 2004, in standard electronic regulatory format, for our review and validation by June 1st 2005.

Please address your submission to Mark Desautels, Director of Consumer Lending Regulation and Compliance, NYSBD, One State Street New York, NY 10004-1417.  (212) 709-3579 - mark.desautels@banking.state.ny.us

Please note that if you have recently submitted 2003 and 2004 HMDA data to the Banking Department in preparation for a 2005 examination, you are not required to re-submit such information. 

As you know, New York State’s Part 41 regulation applies to mortgage bankers who are required to report and also those who do not report HMDA data.  It is recommended that your institution record and track all such loans that fall into this category for internal monitoring as well as to facilitate the identification of such loans during an examination.

If you have any questions about the above or any information contained in the attachment, we would welcome the opportunity to meet with you to discuss your concerns. 

Very truly yours, 

Ken Bielemeier
Deputy Superintendent of Banks
Mortgage Banking Division  

Edward B. Kramer
Deputy Superintendent of Banks
Consumer Services Division

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