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#2124337 - 03/30/17 02:04 PM tolerance in small bus. loan data-urgent!
Trees Offline
Power Poster
Joined: Apr 2005
Posts: 4,013
I know there are tolerances that would require re-submission.
Is there a percentage of errors at which point an examiner can say, "we're not going further with this. We will not consider the loans as there are too many errors in the data files. You cannot resubmit either."
This hasn't happened, but we were wondering if there was a specific drop dead percentage.

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CRA
#2124350 - 03/30/17 02:40 PM Re: tolerance in small bus. loan data-urgent! Trees
Tennismom Offline
Platinum Poster
Tennismom
Joined: Jan 2004
Posts: 778
This was taken from a FDIC PowerPoint Presentation but references HMDA Data and not CRA Data: https://www.fdic.gov/news/conferences/kc_region/2013-08-08-hmda.pdf

"Correction and resubmission may be required if the percent of omissions exceeds 10% for reporters with fewer than 100 entries or if the percent of omissions is greater than or equal to 5% for reporters with 100 or more entries"

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#2124361 - 03/30/17 03:20 PM Re: tolerance in small bus. loan data-urgent! Trees
JC (Darth HMDA) Offline
Diamond Poster
JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
Check your regulator's exam manual - it will walk you through the process and errors exactly.
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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