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Consequences of Sending our Annual HMDA LAR Late?

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Question: 
What are the consequences of sending our annual HMDA LAR late? I am new to this realm of lending. Who do I talk to, to discuss why it is late and does it help that we have never been late in the past?
Answer: 

Only your primary regulator could tell you how and what they might penalize you for late filing. In recent years they have not been too kind. In the mean time, I would be gathering all the information I could as to why it was late and establish solid procedures to prevent it from happening again.

First published on 05/09/2021

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