HMDA Data: Income
It’s no secret that HMDA is one of the most difficult regulations when it comes to compliance. Your data must be accurate, or you could face resubmission and/or civil money penalties. While some fields don’t pose a lot of challenges, there are several that do. One of these is “Income”. HMDA wants you to report the income that was relied upon to make the credit decision. This isn’t always clear when digging through a loan file, and in many cases, your loan officers are going to have to tell you what they used. There are also intricacies you need to be aware of, such as if the applicant isn’t a natural person or if there are co-signers versus guarantors.
David explains more in the video.
Published
2024/11/04
David Dickinson
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.