One bank, one non bank mortgage lender!

Info re error tolerance is also included.

http://www.consumerfinance.gov/newsroom/...loan-reporting/

Washington Federal had an error rate of 38% according to the consent order.

I have seen error rates like that when I audit. It then gets fixed.

In the bulletin posted on the same page, it states the CFPB is currently using the same error tolerances as the FRB

Bulletin:
http://www.consumerfinance.gov/f/201310_cfpb_hmda_compliance-bulletin_fair-lending.pdf

FRB tolerances:
http://www.federalreserve.gov/boarddocs/caletters/2004/0404/CA04-4Attach3.pdf.

http://files.consumerfinance.gov/f/201310_cfpb_hmda_compliance-bulletin_fair-lending.pdf


CFPB issues warnings about HMDA data mgmt.

Without a good process, HMDA data management will not succeed. HMDA takes training, study, and a strong process. Otherwise, the bank is learning one mistake at a time.

I have been what our bank calls 'The HMDA Queen' for over 15 years. It is something not to be taken lightly. Can't say that I love it, but it gets done. I can hardly wait for the new changes whenever they get here. Hopefully not for a long time.