If you do a HMDA LAR review/audit before it is filed, what kind of things are you looking for? I need to do a review quickly before we file this week. Anyone have a good workprogram or list of items to look at?

Thanks

I print the LAR, select files, verify entry by entry and correct the LAR as I go. They I'll go back and do the report and point out the common errors and denote corrective actions to prevent future occurrences.

Do what the regulators do, pull the credit file of a representative percentage of records being filed and go through them item by item to make sure the data entered matches whats in the file.

Accuracy is important, Do a search on posting by Bonnie M as she has identified many HMDA data collection and reporting problems. Try "I Hate HMDA"

While it's important to check it all, there are some key fields that are reviewed by examiners in determining if your data is accurate or needs resubmission. These are:

Loan Type, Loan Purpose, Owner Occupancy, Loan Amount, Action Taken type, MSA, State, County, Census Tract, Applicant Race, Co-applicant Race, Applicant Sex, Co-applicant Sex and Income.

Errors in HMDA are considered significant when at least 5 percent of the loan application records contain errors in key fields or it is the judgment of the examiner that the bank's level prevents an accurate evaluation of the bank's HMDA lending performance.

HMDA data resubmission is considered by examiners when:

Any one key field is incorrectly reported for at least 5% of the loan application records, or

At least 10% of the bank's loan application records have an error in at least one of the key fields, or

Errors in submitted data prevent an accurate evaluation of the bank's CRA performance.

I pull a 10% sampling of files as well as a 100% file pull on areas which have shown in the past to have more than a 5% error ratio in any one area of data.

This is coupled with my Investor Loan area which reviews 100% of their loan files for data integrity (someone other than the data entry person).