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#2268376 - 03/29/22 10:09 PM HMDA Loan not reported
dmcpherron Offline
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Joined: Feb 2021
Posts: 5
We have a loan that was not reported in 2021. We reported our HMDA as required by March 1. However, today a loan was found that should have been included in the LAR. What is the proper procedure from here? Do resubmit, add it to Q1, not report?

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#2268383 - 03/30/22 01:47 AM Re: HMDA Loan not reported dmcpherron
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
How many entries were on your LAR?
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#2268389 - 03/30/22 01:06 PM Re: HMDA Loan not reported dmcpherron
Inherent_Risk Offline
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Joined: Jan 2017
Posts: 358
Resubmit if you think it's worth it. Don't add it to 2022 data, that would just add another error. Resubmitting is not that difficult these days, but we would probably not resubmit for one application. I would investigate why it was missed, if there are any others, and then determine a way to make sure it doesn't happen going forward.

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#2268407 - 03/30/22 02:02 PM Re: HMDA Loan not reported rlcarey
dmcpherron Offline
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Joined: Feb 2021
Posts: 5
We had approximately 2800 entries on the 2021 LAR. I was leaning towards not reporting it, but that doesn't feel right.

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#2268408 - 03/30/22 02:05 PM Re: HMDA Loan not reported dmcpherron
dmcpherron Offline
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Joined: Feb 2021
Posts: 5
Also it is a one off situation. It was due to human error, not a systemic issue. If we had more than one we would definitely resubmit.

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#2268409 - 03/30/22 02:08 PM Re: HMDA Loan not reported dmcpherron
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
I think you might be able to live with an error ratio of .0357%. smile
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#2268411 - 03/30/22 02:16 PM Re: HMDA Loan not reported dmcpherron
dmcpherron Offline
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Joined: Feb 2021
Posts: 5
lol - Yes I can live with that error rate. Just wanted to make sure that I wasn't missing something where a missed loan had to be submitted. Thanks for the advice.

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