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.

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