On Thursday, February 1, 2018, the Consumer Financial Protection Bureau (CFPB) released a statement indicating that the 2018 HMDA LAR Formatting Tool is now available. The tool, which is available here, is for use by those institutions not currently using an automated system for processing their HMDA LAR.
Under the new HMDA reporting rules, an institution must create an electronic file that can be submitted via the HMDA Platform. Financial Institutions are unable to enter data manually as they could in the past. The LAR Formatting Tool is here to help institutions who have low volumes of covered loans and applications.
TCA is here to help with all your HMDA needs. TCA’s HMDA Champions can:
- Provide training to staff on the HMDA rules
- Review policies and procedures
- Test 1st Quarter 2018 HMDA data for early detection problems
Call on TCA’s HMDA Champions at [email protected] or 800‐934‐REGS for all your HMDA questions or concerns.