Thread Starter: Anonymous
Title: Re: HMDA HELP
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I am new to this institution and discovered that no one has been doing HMDA edit checks on a regular basis. Needless to say I now have over 500 pages of errors to be corrected - just thru September. My question is related to the loan officer's lack on inputting information into our LOS system. There are multiple, multiple files missing income, property addresses (even on refi of primary residences, interest rates, etc). I am suspicious that previous HMDA information was incorrectly reported (the person who previously handled HMDA passed away). He had his own "interpretation" of what was to be reported (thought it wasn't a loan application until it was submitted to processing.
So I need some direction on which loans have to be reported if there is missing information and if it needs to be corrected how would we go about obtaining for example borrower income information from consumers back in January? Can we just enter 0 as the income or should be enter 1?
Any help will be greatly appreciated and keep me from opening the bottle of tequila cleverly disguised on my desk.
THanks
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