Quality Edit 070

Posted By: jlroberts

Quality Edit 070 - 02/10/11 06:11 PM

What's up with this new edit:
if the percentage of these loans that are sold to Fannie Mae or Freddie Mac in the current year is less than the percentage of the same type of loans sold to Fannie Mae or Freddie Mac in the prior year, then the percentage difference between the two years should be less than 10%;

Why does HMDA care that we sold less loans to Freddie in 2010 than in 2009. Our Freddie sales were down 22%. They want an explaination.

Do I just state that our overall lending was down 19% from the previous year thus resulting in a decline in Freddie Mac sales.
Posted By: Truffle Royale

Re: Quality Edit 070 - 02/10/11 06:20 PM

It's a Q edit so you don't have to explain anything.
If you're good with it then so be it.

As to 'Why does HMDA care....'? That, my dear, is the $64,000 question, isn't it? crazy
Posted By: Kathleen O. Blanchard

Re: Quality Edit 070 - 02/10/11 06:49 PM

Originally Posted By: jlroberts
What's up with this new edit:
if the percentage of these loans that are sold to Fannie Mae or Freddie Mac in the current year is less than the percentage of the same type of loans sold to Fannie Mae or Freddie Mac in the prior year, then the percentage difference between the two years should be less than 10%;

Why does HMDA care that we sold less loans to Freddie in 2010 than in 2009. Our Freddie sales were down 22%. They want an explaination.

Do I just state that our overall lending was down 19% from the previous year thus resulting in a decline in Freddie Mac sales.


Don't forget that the government uses HMDA data for analysis beyond your individual bank. They get industry trends, etc. I would think the government is very interested in Fannie/Freddie right now.
Posted By: jlroberts

Re: Quality Edit 070 - 02/10/11 07:02 PM

TR- This edit comes out on it's own page and actually has a line labled Q070 Explaination

KB - That's exactly what my lending manager said when I asked his opinion. smile