Hot on the heels of the release of the HMDA data tables for 2017, the CFPB/BCFP has released its tool for validity checking the correctness of your Institution’s HMDA file for the calendar year 2018 data being submitted in 2019.
You can find this tool at https://ffiec.cfpb.gov/tools/file‐format‐verification.
The tool does exactly what it says: verifies the file format is correct for submission. The website essentially runs on the same software as does the HMDA Platform. According to the CFPB, this means that if your file passes all the checks on this website, then your file will be in the correct format required to be uploaded to the HMDA Platform.
Whether you’re keeping your own manual spreadsheet or using a HMDA software program, it might be worth a couple minutes to have the peace of mind that your file is good – thus giving you one less thing to worry about at filing time.
Remember, the CFPB tool does not verify HMDA/LAR content. After you’ve checked your HMDA file format, talk to TCA about checking the information in that HMDA file. TCA can perform a HMDA file review and we have solutions for your compliance, BSA, fair lending, CRA and IT needs. Contact us today at [email protected] or at (800) 934‐7347
