If you are a HMDA-reporting institution, you know it can feel quite overwhelming at times. Not only is there a ton of information for you to collect and report, but you must also ensure it’s as accurate as possible. HMDA is a darned if you do, darned if you don’t requirement. In other words, if you collect/report information for an application you’re not supposed to, it’s a problem. Similarly, if you don’t collect/report for application that you’re supposed to, it’s a problem. This is why it is so important when you audit your HMDA data to not only verify that the actual data is correct but also that you are reporting on the correct types of loan/lines and HMDA has a lot of exceptions.
David explains more in the video.
Published
2024/09/30