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How to Report Negative Income on HMDA LAR

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Question: 
I have a loan that was denied. How do I report negative income on the HDMA LAR? Do I use NA?
Answer: 

Make sure you are looking at GROSS income, not net after deductions. If the applicant earns a salary, enter the gross salary before any deductions, exemptions or expenses.

If somehow income is truly negative, you should enter NA. If you try to enter 0 as the income in the FFIEC software, you will receive a validity error saying the income is "zero, missing, negative, or if non-numeric, does not equal NA". If you use other software, it will convert a zero to NA or require NA rather than zero so that the submission is correct.

First published on BankersOnline.com 2/13/12

First published on 02/13/2012

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