The two forms were typically given to consumers within three days after they applied for closed-end mortgage
loans, and updated versions of one (and often both) of these forms were provided just prior to, or at the time of loan closing.
1310, provides an exemption from new HMDA data reporting requirements for small financial institutions that originate 500 closed-end mortgage
loans or 500 open-end lines of credit.
Beginning in 2018, institutions otherwise covered by Regulation C become subject to the new HMDA rule's requirements if, in each of the prior two calendar years, they originated at least 25 closed-end mortgage
loans or at least 100 open-end lines of credit.
It manages Second Angel Commercial Mortgage Fund l LLC, a $50 million closed-end mortgage
fund that lends money to builders, developers, business and homeowners for short periods of time.
In addition, under a new standardized reporting threshold, institutions that made less than 25 closed-end mortgage
loans in each of the two preceding calendar years or fewer than 100 covered open-end lines of credit in each of the two preceding calendar years will be exempted from the rule.
TRID applies to nearly all closed-end mortgage
loans regardless of a credit union's asset size or pricing of the mortgage.