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?

How many entries were on your LAR?

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.

We had approximately 2800 entries on the 2021 LAR. I was leaning towards not reporting it, but that doesn't feel right.

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.

I think you might be able to live with an error ratio of .0357%.

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.