When it comes to auditing HMDA, one of the most common errors we see cited by examiners and auditors is the income field. It is confusing.
What numbers should the loan officer use?
Is it what the applicants put on their application, is it taken from a tax return or W-2, or even some other verification document? The answer is, it’s none of those things. The correct answer is that you report whatever the loan officer used or relied upon to make the credit decision.
Listen to the video as Dave explains more.
We hope you’ll join us for our webinar “Auditing HMDA”, on October 17, 2019, which is geared to those of you responsible for auditing/verifying the accuracy of data on your HMDA-LAR. We will get into the most current trends and hot spots that we’re seeing from the examiners.
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.