Week of December 16th

HMDA LAR Report

For lenders to track and fulfill their HMDA compliance obligations, the HMDA LAR Report in Maxwell BI allows lenders to identify validation and data quality issues, as outlined on the official HMDA Filing Instructions.

Below is additional context from the filing instructions on validity and quality issues:

• Validity: Edits that check whether there are valid values in each data field. A validity edit occurs, for example, if the contact person’s telephone number does not follow the format “999-999-9999.” The loan/application register cannot be submitted until the filer corrects all validity edit errors and re-uploads the updated loan/application register to the HMDA Platform.
   
• Quality: Edits that check whether entries in the individual data fields or combinations of data fields conform to expected values. A quality edit occurs, for example, if the reported Tax Identification Number does not match the Tax Identification Number the institution reported on the previous year’s loan/application register. The loan/application register cannot be submitted until the filer either confirms the accuracy of all values flagged by quality edits in the HMDA Platform or corrects the flagged values and re-uploads the updated loan/application register to the HMDA Platform.