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HMDA compliance
 Reviews / Baseline Compliance Reviews / Home Mortgage Disclosure Act (HMDA)
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Home Mortgage Disclosure Act (HMDA)

Mavent compares a client’s Home Mortgage Disclosure Act data to the requirements under HMDA to easily identify invalid or incongruent loan information.

Mavent also flags loans that are rate spread loans requiring more specific reporting information. For loans with applications taken on or after October 1, 2009 and loans closing on or after January 1, 2010, the HMDA Rate Spread review will flag loans where the spread between the APR exceeds the Average Prime Offer Rate (APOR) thresholds pursuant to the Federal Reserve Board's amendment to Regulation C.

The HMDA review enables loan processors to make corrections at the time of final disposition, eliminating yearend “scrubbing” of HMDA data. Mavent’s HMDA review uses geocoding to verify the census tract, state Federal Information Processing Standards (FIPS), county FIPS, Metropolitan Statistical Area (MSA) and property address information.