Main Takeaway:
The HMDA Compliance Report helps lenders comply with the Home Mortgage Disclosure Act (HMDA) by automating the collection, reporting, and formatting of required loan data for submission.
Overview:
The HMDA Compliance Report in Mortgage Automator streamlines the process of preparing and reviewing loan data for compliance with HMDA regulations. This report includes essential information such as loan type, purpose, amounts, and application outcomes. This article provides an overview of how to access, use, and interpret the HMDA Compliance Report, along with tips for managing its data effectively.
HMDA Compliance Report
Navigate to the Report Section:
Go to the left-hand menu in Mortgage Automator.
Locate the "HMDA" section and select the "HMDA Compliance Report" option.
The HMDA report can be exported by selecting the export button on the top right of the report.
Note: To generate an HMDA Report. This option will need to be turned on in the user settings for the user generating the report.
Codes used in the report are designed to align with the Loan Application Register (LAR) format, it simplifies the reporting process and ensures adherence to regulatory requirements.
Need Further Assistance?
If you require additional help or have questions about these reports, please get in touch with our support team:
Live Chat: Click the question icon at the top-right corner of your screen.