If your financial institution is subject to HMDA, you know all too well just how little room there is for error. If you have too many, you could find yourself having to scrub and resubmit your HMDA-LAR. A small filer isn’t required to report as many data fields as a large filer which can be beneficial since there are less fields to mess up, but what you do report still needs to be as accurate as possible. One data field that is required to be reported for both small and large filers is the Loan Amount. While you might think it would be difficult to mess this up, we see errors more than you may realize. When reporting the loan amount one key thing to remember is that you do not round. You report the actual amount to the penny. That’s easy enough for a loan that is originated but not all applications are originated.
David explains more in the video.
Published
2024/03/15