
HMDA EDITS Board of Governors of the Federal FFIEC Ffiec Form
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People also ask
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What is the HMDA update for 2024?
The 2024 Filing Instructions Guide (FIG) was updated to include a minor correction to validity edit V720, a language change to quality edit Q660, and the inclusion of the validity edit V660 in the New and Revised Edits table. HMDA Quarterly Graphs have been updated to include data for 2023-Q2.
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How long must an institution retain the modified HMDA LAR?
Submits its HMDA-LAR to the appropriate supervisory agency no later than March 1 following the calendar year for which the data are compiled and maintains its HMDA-LAR for at least three years thereafter.
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What is a HMDA LAR file?
Excel Loan/Application Register (LAR) Formatting Tool The HMDA Excel LAR formatting tool is a Microsoft® Excel® workbook created by the Bureau for HMDA filers, who do not have another means of doing so, to enter and format data into a pipe delimited text file.
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What are the requirements for HMDA LAR?
The Loan Application Register (LAR) data fields required for an HMDA report include applicant information, including demographic data such as race, gender, ethnicity, and income, along with loan information like the application data and amount of the loan, along with details on collateral and the current status of the ...
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What is a modified HMDA LAR?
Modified LAR is the public-facing set of the Loan Application Register (LAR) data in which 27 fields have been redacted for privacy reasons. In addition, 6 fields have been modified for privacy.
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What are the HMDA reporting requirements for 2024?
In 2024, Credit Union C would be required to collect and report all 48 data points for both its closed-end mortgage loans and applications and its open-end lines of credit loans and applications. Please note that a credit union may voluntarily report any or all of the 26 exempt data points.
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What are the three most common errors in HMDA reporting?
Common HMDA Errors to Check Before Filing Reporting Cash-out Refinancing rather than Refinancing for the Loan Purpose. ... Reporting Withdrawn rather than Approved Not Accepted. ... Reporting the wrong score (or not reporting one at all for loans approved but not accepted)
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Who is required to report HMDA data to FFIEC?
Who Reports HMDA Data? Depository and nondepository institutions must meet certain reporting criteria before they are required to complete a HMDA Loan Application Register (LAR), as a result of applications for, and originations and purchase of home purchase loans (including refinancings and home improvement loans).
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