Welcome to the second quarter of your 2024 LAR season. With the 2023 submissions complete, HMDA data management demands continue, with quarterly filings that require as much care as the final product. Every quarter, new questions arise, and ADI can help answer some of the questions you may encounter in your preparations. In this issue, we address prepayment penalty terms; when NOT to report a Type of Purchaser; the definition of refinances to avoid Loan Purpose errors; and how to report Automated Underwriting System and Results for a manually underwritten loan. Click through to check out the latest issue of HMDA Huddle.
With each issue of HMDA Huddle, we present questions that highlight nuances and misinterpretations of the HMDA guidance and documented answers to those questions. You can also test your knowledge with the Lightning Round, questions and answers about HMDA reporting.
ADI Consulting assists a wide variety of lenders with HMDA LAR audits and quality control throughout the year, including preparing for standard submissions and resubmissions. To address your organization’s specific HMDA issues, we also offer a customized training course, Building HMDA Skills.
HMDA Huddle is published four times per year. Please subscribe to ADI Insights to automatically receive updates each quarter.