Tips for Submitting Your HMDA Data

HMDA is one of the most difficult regulations to comply with because there are accuracy standards that must be met. Failure to do so could result in being required to correct and resubmit your entire HMDA LAR. HMDA requires that you have your HMDA data on the HMDA LAR within 30 days each quarter’s end. For example, for the first quarter of 2023, you would have needed to have your data on the HMDA LAR by April 30, 2023. In our experience, waiting an entire quarter to verify and input this information can often lead to errors. We recommend that this be done more frequently, such as monthly. We find that verification of the data and/or uncovering discrepancies is much easier when the information is fresh in a loan officer’s mind.

David explains more in the video along with some other tips.


HMDA Resources!

Video Highlights:

  • HMDA data must be on the HMDA LAR within 30 days of the end of each quarter.
  • HMDA data must be retained for three years following submission of the HMDA LAR.
  • Pay close attention to the “Action Taken” fields prior to submission. Specifically, entries for denials, withdrawals, and closed for incompleteness.

Published
2023/12/14
David Dickinson

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.

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