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