The HMDA Audit Tool offers comprehensive functionality and features. Its advanced geocoding tools will populate information based on loan attributes that have been changed during the loan boarding process. The geocodes can be updated with a simple click of a button, and an interactive map will allow users to find property locations and generate codes. These codes are displayed in the HMDA worksheet. The HMDA Audit Tool can also be used for compliance and fair lending purposes.
One of the most important parts of an HMDA audit is data collection. To collect accurate and complete data, the HMDA form is required. Documents should be scanned to a document imaging system. The HMDA Data Supervisor will analyze and identify errors in the HMDA data to ensure the accuracy of the information. In case of missing data, staff members can collect the missing data and source documents. This step is essential for the audit to be successful.
HMDA requires a bank to collect expanded data points for reporting purposes. HMDA Audit is designed to provide all the information a bank needs to ensure that it complies with HMDA and other federal regulations. The tool is easy to use and can help lenders meet the HMDA requirements. Besides the compliance audit, it can also help institutions improve their internal systems. This is done by collecting data that will be used to identify fraud and abuse in lending processes.
HMDA data collection must be accurate and complete. It should include all the information that is required by HMDA. The HMDA form must be scanned to a document imaging system. If any data is missing, it should be verified. If the HMDA audit finds any missing data, the staff can contact the sources of the missing data. In addition, the HMDA LAR data should be complete and accurate.
In addition to auditing the data collected, the HMDA Data Quality Tool also enables lenders to collect the information that they need to meet the HMDA reporting requirements. It helps lenders collect the necessary data for HMDA compliance. Its dashboard can also display the data in a user-friendly format. Furthermore, it provides a comprehensive audit trail for lenders. As a result, it will help them ensure compliance with the regulations.
When completing an HMDA data audit, examiners must confirm the accuracy of the data. For example, they should check whether the data provided on the HMDA LAR is accurate. Those that do not have the required information on their HMDA form should be asked to obtain the information on HMDA. If they find the missing information, they should contact the supervisory agency for clarification. However, there is no way to guarantee that a credit union will receive an RMDA approval without an HMDA Audit.