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.