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Prepare to submit HMDA data earlier

Answered by: 

Question: 
Why should a financial institution have an earlier internal deadline for file submission for the revised HMDA process?
Answer: 

Currently, it is possible to submit a HMDA file at the last moment and have a timely filing because the final edits are done after the fact. Under the new process, those edits will not be emailed or faxed post-submission. Edits will be managed interactively prior to the final upload and submission. A final submission will not be official until all edits have been addressed.
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Learn more about Kathleen’s webinar 2017 HMDA Process Changes: What You Need to Know

First published on 10/23/2016

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