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The most common HMDA questions that we receive are about how to properly  report multipurpose and multifamily properties. And it’s understandable… The 2018 modifications to HMDA were massive and many financial institutions are still dealing with the challenges of collecting data under the burdensome new requirements. Here’s a breakdown of how to properly report multifamily and multipurpose properties for HMDA Let’s start with ‘multifamily”. The construction method and total units, together, replaced property type reporting […]

HMDA Enforcement Actions in 2023… The 2018 modifications to HMDA were massive and many financial institutions are still dealing with the challenges of collecting data under the burdensome requirements. These changes continue to prove to be cumbersome and taxing. Program failures continue to plague financial institutions and in 2023, there were three very large enforcement actions for failing to file accurate data. Additionally, due to a lawsuit the CFPB had to rescind the 100 loan […]

If your financial institution is a HMDA reportable financial institution, then you are intimately familiar with geocoding and the headaches that the process causes when it comes to completing your HMDA LAR.  The property location data fields (state, county, MSA, census tract codes, etc.) account for many of the errors that your regulatory agency identifies when completing data integrity on your LAR.  Well, CFPB to the rescue (insert sigh)! As we reported in a recent […]