A financial institution discovers that an employee incorrectly recorded the ethnicity of 15 applicants in their HMDA data after the annual submission deadline has passed. What is the institution's obligation?
Correct Answer
C) Submit a corrected loan application register by March 1 of the following year
Under Regulation C, institutions must submit a corrected loan application register by March 1 following the calendar year of discovery when material errors are found in submitted HMDA data, regardless of when the error is discovered.
Why This Is the Correct Answer
Under Regulation C, institutions must submit a corrected loan application register by March 1 following the calendar year of discovery when material errors are found in submitted HMDA data, regardless of when the error is discovered.
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A borrower's income includes $3,000 monthly base salary, $500 monthly overtime (worked consistently for 18 months), and $800 monthly rental income from a property owned for 6 months. Under ATR requirements, what income can be considered for repayment ability?
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