From the OCC Comptoller's Handbook, when reviewing HMDA data, key fields are loan type, loan purpose, property type, owner occupancy, loan amount, action taken type, MSA/MD, state, county, census tract, applicant ethnicity, co-applicant ethnicity, applicant race, co-applicant race, applicant sex, co-applicant sex, income, type of purchaser, request for preapproval, lien status, rate spread, and HOEPA status.
Errors in HMDA data are considered significant when:
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At least 5 percent of the loan application records contain errors in key fields; or
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It is the examiner’s judgment that the bank’s level of errors prevents an accurate evaluation of the bank’s HMDA lending performance.