If your institution is subject to the requirements of HMDA and you have a fair amount of relevant lending activity, you know the amount of resources and effort it takes to ensure your HMDA Loan Activity Register (HMDA/LAR) is as close to error free as possible when filed.
The number of data elements and the touch points involved in your mortgage lending and HMDA data collection processes present the opportunity for simple, easy-to-overlook errors, which could lead to regulatory penalties and/or the expenditure of additional resources to correct such errors.
At PKM, we offer what’s known in the industry as “HMDA Scrubs,” where we conduct appropriately-sized samples of your HMDA/LAR entries to test for data-entry errors. Our process helps you identify and correct errors prior to the March 1st filing deadline, lessening the likelihood you’ll need to potentially amend your HMDA/LAR at additional costs.
For more information on PKM’s “HMDA Scrubs,” contact Greg Jones at (404) 420-5997 or firstname.lastname@example.org today to learn more or to schedule a consultation.