Those institutions with 25 or fewer applications may collect and report data in paper form. These specifications are unchanged from last year. Banks are not required to use the FRB's software, but any other software used must meet these specifications. If it does not, the FRB will be unable to process the automated HMDA report. They are also unchanged from 1996.
Banks can also file HMDA-LARs electronically over the Internet.
Review of CY 1997 HMDA-LAR for Accuracy Certain types of errors continue to occur frequently. National banks are reminded that civil money penalties may be assessed for violations of the HMDA data collection and reporting requirements. If you use census tract numbers from an appraiser, remember that you are responsible for using accurate numbers. Respondent ID, agency code, or tax ID that are incorrect or missing. Entries that report monthly income, instead of gross annual income.