When and how often must the HMDA Report be submitted? The HMDA Report is due annually on March 1st. However, you could be requested to submit quarterly. Can I run the HMDA Report more than once? Yes. The HMDA Report may be printed as often as necessary. Mortgage Computer recommends you print both Exception Reports monthly and update any missing information. Print the Loan Application Register (HMDA Report) on a monthly basis. Enter a 3 in the Transaction Code field of the Respondent ID screen. The path is (01.15.10.<F2>.<F4>.<T>). What if the loan was purchased (Code 6 in Field 735) rather than originated?
Are the MSA and Census Tract automatically pulled into the appropriate HMDA reporting fields by the program? Yes. When you are originating a loan, the program will enter the MSA and Census Tract in the Mortgage Banker Master Record if they were previously set up in the County Code file. The path to set up the MSA and Census Tract is (09.02.<F5>). Enter the County Code number and <NL> to the MSA and/or Census columns. HMDA requires an NA in the MSA fields when the property is not located in an MSA area. How is this accomplished?
How do you put an NA in the income column, as required by HMDA? If the borrower's income is not available, enter one dollar (1) in Field 727 Income of the primary borrower only. The program will enter NA in the income columns on the printed report. The HMDA layout requires a Tax ID. Where is this pulled from? The Tax ID is pulled from the Company Name File, Field 14 Federal Tax ID Number (09.03). Should the income amount be reported as annual income or monthly income? Where is the income amount pulled from? HMDA requires the income amount be reported as an annual amount. The program annualizes the monthly amount from Fields 1B44T and 1B45T of the 1003 Application, then enters the new number as annual income in Field 727 for the HMDA Report. If the loan is locked by the underwriter, can I still enter or modify the HMDA fields? Yes. The underwriter lock does not apply to the HMDA fields, which are located at path (01.15.09). What is Field 729 HMDA State Reporting? This field is available for states that require a special state HMDA code. Leave this field blank unless your state has this requirement. What are the HMDA Reports generated by the MC OFFICE? The program has five reports: The Loan/Application Register is the report submitted to HMDA, either by tape, diskette, or electronically. This report sorts by Action Date. The Modified Report Listing is a modified version of the Loan/Application Register except sensitive borrower information is removed. This is required by HMDA to be displayed in your lobby. The Modified Report Listing is sorted by Census Tract.Two Exception Reports may be printed - the Missing Information Exception Report and the Status Date Exception Report. These reports verify the necessary data is being entered for the applications and can be run as often as you wish. The Computer Verify (06.10) option creates a file of the date range indicated for HMDA data verification. The data will be verified for validity as well as missing information. When the process is completed, a printed report will indicate the loan number and reason or reasons the loan is in error. Do I need any additional software to do HMDA Reporting? Use the Mortgage Banker package to capture the data and check for missing fields. The MTK package uses the edits to verify the data is logical. After these two processes are completed, use the EDI-Plus package to verify the file structure is acceptable to be submitted. |
