HMDA Compliance for Financial Institutions
If your institution is subject to the requirements of the Home Mortgage Disclosure Act (HMDA), you know the amount of resources and effort it can take to ensure your HMDA Loan Activity Register (HMDA/LAR) is as close to error-free as possible.
The extensive number of touchpoints involved in your lending and data collection, however, makes it easy to overlook errors that could lead to regulatory penalties and require additional resources to make corrections.
Rest Easy with a HMDA Scrub
At PKM, we offer what’s commonly referred to in the industry as a “HMDA Scrub,” where we conduct appropriately sized samples of your HMDA/LAR entries to test for data-entry errors. Our process helps you identify and correct any mistakes prior to the filing deadlines, reducing the likelihood you’ll need to amend your HMDA/LAR at additional costs.
Because incorrect reporting could result in complaints or administrative action, it’s important to turn to a third party for a fresh look at your loan files and to validate your LAR data to ensure that it is accurate and complete.