2018 HMDA Data Collection Worksheet

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The HMDA Data Collection Worksheet provides a simple outline that will allow a Loanlogics representative to clearly and efficiently list data points associated with each HMDA audited case on the worksheet. It is one of the most valuable tools available to Loanlogics representatives when assessing a potential audit case. The worksheet can be used in a variety of different ways, depending on the focus of your HMDA audit. Below are some examples of how the HMDA worksheet can be utilized:

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Determine which HFA’s (Human Resources Data Entry) are present in the current database. In the example shown here, the worksheet lists the number of employees who have accessed each account in the last year. You can then drill down each employee record to identify their role and date of access, if applicable. For example, in the worksheet for the 2017 HFA “Employee Relationship Management”, the following data fields are shown: First Name, Middle Name, Company, Title, Email Address, Phone Number, Social Security Number. You can then use the HMDA Data Collection Worksheet’s Filter tool to determine whether the above data points are included in the data collection or not.

The following data are required to complete the worksheet. In the example given, the data required by the HFA worksheet pertains to the following: Company Identification Number (ICN), Loan Entry Number (LEAN), Account Number, Target Funding Amount, Target Date of Occurrence, Target Amount, Account Balances, Balance Balances, and Current Financial Statement. While some worksheets may require additional information or data, such as account numbers or format choices, all HMDA audit procedures will require certain core data points to be submitted in order to complete the worksheet. The purpose of the core data points is to help ensure audit findings are consistent with the Company Data Repository (CDR). This ensures consistency across all CMMI that have been audited using the HMDA methodology.

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The HMDA Data Collection Worksheet allows authorized personnel to verify compliance with audit procedures through data collection. When data collection is verified, any incomplete or false data points are automatically dismissed. Each point collected is assigned a code based on the issuer’s T&E goal. When these points are verified at the end of the HMDA audit procedures, the results are automatically categorized to match the goal that was audited.

An HMDA data collection worksheet can be used as a report generator and/or a compliance reporting tool. When data collection is verified at the end of a HMDA audit, the examiner transaction testing can generate a report. If data collection is verified at the start of the audit process, the examiner can generate a baseline report. This baseline report can be used to make corrective or preventive changes to any area that was not properly verified in compliance with the policies and procedures described in the HMDA.

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In compliance audits for the first time since becoming aware of the risks of data collection errors, many companies are choosing to not use the HMDA data collection worksheet in their first audit. There is still a strong need to verify all areas of the business when conducting regular and periodic assessments. Because some companies have not yet started to use the worksheet effectively in their regular audits, they may find themselves missing critical areas of the business that were not previously covered.

Using the HMDA worksheet is also an effective janitorial tool for financial institutions. Financial institutions must remain vigilant in monitoring their high-risk accounts. These businesses are required to report key data points on a regular basis. This can include a wide variety of account balances, account activity, and inputting new procedures and policies to address these issues.

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Finally, using the HMDA worksheet for fiscal year (or, baucommer) audits helps to ensure that companies are taking the appropriate steps to protect their assets. The most recent version of the HMDA worksheet was redesigned in January of this year. It incorporates all the major changes made in the HPA 2018, including the new Scope, and includes many additional regulatory-only considerations for companies wishing to comply. The new HMDA Scope provides additional information for companies to determine their own needs for auditing and non-auditing purposes.

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