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» VISIT US ONLINE @ DSNEWS.COM 15 NEW BILL WOULD ALTER HMDA REPORTING THRESHOLDS A bill by Rep. Tom Emmer (R-Minnesota) that would increase the reporting threshold under the Home Mortgage Disclosure Act of 1975 for open-end lines of credit and closed-end mortgages was introduced in June. Dubbed the Home Mortgage Disclosure Adjustment Act of 2017 (HMDA), the bill would exempt depository institutions with originations in the last two years under 2,000 open-end lines of credit and 1,000 closed-end mortgages from HMDA's reporting and recordkeeping requirements. It would also withdraw the new and modified HMDA data points found in the CFPB's rule. Blaine Luetkemeyer, Chairman of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, is an original co-sponsor of the bill. "NAFCU thanks Rep. Emmer for introducing this important legislation that would ease the compliance burden for credit unions that will result from the HMDA rule requirements," said Brad aler, VP of Legislative Affairs for the National Association of Federally-Insured Credit Unions. "We also thank Chairman Luetkemeyer for co-sponsoring this legislation. We look forward to working with the House and other members of Congress on this bill and other efforts to secure more credit union regulatory relief." is isn't the first bill of its kind. Sen. Mike Rounds (R-South Dakota), and Heidi Heitkamp (D-North Dakota), introduced similar legislation earlier this year that sought to exempt depository institutions that originated fewer than 500 open-end lines of credit and closed-end mortgages. A majority of the new HMDA requirements will come into effect January 1, 2018, affecting home equity lines of credit, establishing transactional thresholds for coverage, and expanding the number of HMDA data points to be collected from credit unions. According to NAFCU, they have long urged the CFPB to use the authority it has under the Dodd-Frank Act to provide credit unions more exemptions from its rules. MISSISSIPPI CLAIMS TOP SFR MARKET e single-family rental home market is growing across the nation, according to HouseCanary's Q2 Rental Investment Index (HCRI), and the Midwest and Southern regions are leading the pack. According to the index, these areas boasted the highest Effective Gross Yields in the country last quarter. At the state level, Mississippi took the top spot, with gross yields of 12.9 percent, followed by Indiana and Ohio at No. 2 and 3. As far as metros go, Rochester, New York, was the national leader in Effective Gross Yields with 17.2 percent. Other top MSAs included Memphis, Tennessee; Cleveland; Buffalo- Cheektowaga-Niagara Falls, New York; and Birmingham-Hoover, Alabama. ese cities all had over 12 percent effective yields—higher than any state last quarter. e lower part of the list is filled with MSAs from California—six cities, to be exact—where housing prices continuously increase faster than the growth in rents. In fact, California cities make up the three lowest effective yields, which all come in below 5 percent. Overall, 28 of the top 50 MSAs in the country surpassed the nationwide average Effective Gross Yield of 8 percent this quarter. Composed of nearly 20 million homes, the HCRI Index allows single-family rental home investors, lenders, and renters to keep track of the health of the single-family-for-lease market based on median Effective Gross Yields on national, state, and ZIP code levels. Due to difficulties in benchmarking this market, the HCRI helps investors identify accurate information regarding this surprisingly growing rental market. "e ability to know where to invest with this level of granularity has never been possible before, and it is going to revolutionize this market," said Dave Garland, a single-family rental investor and Partner at Second Century Ventures.

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