HMDA is one of the most difficult compliance requirements because there is very little, if any, room for error. While there are plenty of data fields that can trip you up sometimes it’s the ones that don’t seem all that difficult on the surface that can give you the most problems. The loan amount, for example, is one of the most common errors noted year in and year out. The loan amount to be reported often depends on the specific circumstances surrounding the application being reported. For example, the loan amount you report could differ depending on whether the application was originated, if a counteroffer was made and/or accepted, if the loan was approved but not accepted, etc.
David explains more in the video.