Home Mortgage Disclosure Act (HMDA)
The Home Mortgage Disclosure Act (HMDA) and Regulation C is a federal law enacted by Congress in 1975. It requires financial institutions to provide home mortgage disclosures to prevent discrimination and to ensure adequate home financing to qualified applicants. We can conduct a data integrity assessment of the bank’s HMDA/Loan Application Register (LAR), focusing on transactions recorded during a specified timeframe. Our professionals can assess whether bank personnel are recording covered transactions (omissions testing) in HMDA-related transactions and reporting accurate identifying information on its Loan Application Register (LAR). This assessment will be conducted prior to the LAR filing deadline.
In order to maintain the Bank’s computer security, FORVIS does not believe a professional should adjust a Bank’s computer records. Therefore, our professionals do not make corrections to the Bank’s LAR; rather, we create a listing of necessary adjustments and provide this to a Bank employee for input.