Reporting Compliance
The Home Mortgage Disclosure Act (Regulation C) is intended to provide the public with loan data that can be used to help determine whether financial institutions are serving housing needs of their communities; to assist public officials in distributing public-sector investments to attract private investment to areas where it is needed; and, to assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes.
Data integrity is the key to your institution's HMDA efforts. Error rates beyond an established threshold can result in termination of the data integrity review and postponement of the HMDA exam until data is cleaned up and resubmitted to the federal government.
DD&F assists clients with HMDA compliance by providing an independent audit of your processes and the accuracy of the Loan Application Register (LAR) to ensure compliance with the Regulation. Our staff is experienced in HMDA compliance and data integrity reviews. This experience can help your bank to avoid data resubmissions, Administrative Actions by your Regulator, and potential civil money penalties.