Relieve Some Stress!
by: Bill Dolan, CMB, AMP/ Anne Aalto
O.K. So you just hit the button and submitted your 2022’ HMDA LAR to the CFPB, March 1st to meet the deadline. Now what? You realize you are already two months behind in working on and reviewing your LAR data for 2023.’ Does it ever end?
Discover how you can simplify the HMDA reporting process by using SCA’s team of industry experts to integrate all aspects of the HMDA LAR. Let SCA reduce the stress and the process for your financial institution, making your LAR submission as worry-free as possible by:
Identifying and correcting errors on multiple data records concurrently
Performing either a full or partial HMDA scrub using SCA’s team of advisors to review and compare each HMDA data entry on your LAR to the loan documents viewed through “audit access” within your LOS system to improve data accuracy, thereby eliminating the probability of reporting errors prior to submission.
Perhaps you are looking for a partial scrub or review to be performed on your residential, commercial or home equity lines of credit., SCA can review and target specific fields such as loan purpose, or action taken and even focus attention on adverse action, withdrawal/declined loans providing a thorough third-party independent sampling (maybe just a 10% sampling to avoid any systemic issues) on either a monthly or quarterly basis, depending on your specific needs, to eliminate last minute surprises or guesswork.
You should also be aware that SCA’s HMDA consultants, with decades of lending experience realize that training is an integral part of the HMDA review and reporting process. Ask yourself the following question:
Does your current HMDA review process need a complete refresh based on prior HMDA results or exams, changes in personnel or just some updated training to your existing staff?
SCA’s HMDA team can help prepare your employees to “Get It Right” as the CFPB’s guide states by participating in our comprehensive HMDA training program, that includes both HMDA technical reporting, industry best practices, and/or customized training if required.
Let SCA’s HMDA team eliminate the stress and worry, as well as the excessive time devoted to identifying and reducing your data field errors, by providing a clean and accurate HMDA LAR ready for submission, allowing you to eliminate at least some stress in your life.
For more information regarding SCA’s HMDA LAR review services and other SCA consulting and loan services that we provide, contact Bill Dolan, Director at (617) 694-2617 or visit our website at: www.scapartnering.com to learn more about SCA working with you.
