3 Things to Know About HMDA Reporting

Drowning in data? Fear of a regulatory fine? You’re not alone. HMDA (Home Mortgage Disclosure Act) reporting requirements can confuse even the most diligent financial institutions. The regulatory landscape is constantly changing, so keeping up with the latest updates and making sure data submissions are accurate becomes increasingly important. Here are 3 things to know about HMDA reporting, as well as how MIAC can help you prepare for reporting through our HMDA services.

1. Who Must Report HMDA Data?

The Consumer Financial Protection Bureau requires banks, mortgage lenders, and credit unions to collect, document, and submit HMDA data. Additionally, nonbank mortgage lenders and other financial institutions that meet certain transaction and asset thresholds are also obligated to report HMDA data.

2. What HMDA Data Is Reported?

Various fields, such as demographic information (race, gender, ethnicity, and income), are required. Additionally, loan-related details, including application data, loan amount, and loan status, form part of the reporting criteria. Institutions must also provide information on the type and purpose of the loan, property location, as well as details regarding interest rates and fees.

3. When is HMDA Data Reported?

The filing period for HMDA data collected in 2023 opened on January 1, 2024, and must be filed by Friday, March 1, 2024. As the deadline for HMDA data reporting approaches, banks, mortgage lenders, and credit unions need to review and prepare their data for submission.

Ready to Take Control of Your HMDA Journey?

With MIAC Analytics, you have a single, dependable partner for HMDA reporting. Our Data Validation Reviews verify the accuracy of the data collected compared with the source documentation within the loan files. Additionally, our Fair Lending Analysis reviews fair lending practices by assessing key factors such as whether protected groups pay higher rates and face higher denial rates. Schedule a free consultation today and discover how our tailored solutions can support your reporting process.

Note: This material is provided for informational purposes only, is not a recommendation, does not constitute or promote an offer or solicitation.