www.hudclips.org 


U. S. Department of Housing and Urban Development
Washington, D.C. 20410-8000

July 30, 1996
 
Mortgagee Letter 96-39
 
TO:  ALL APPROVED MORTGAGEES
 
SUBJECT:  Submission of Timely and Accurate HMDA Reports
 
     The Department is concerned that a significant number of
approved mortgagees either failed to submit their l995 Home
Mortgage Disclosure Act (HMDA) report within the required time
period or the data contained errors, or both.  The HMDA report
was due to be received by the Department no later than March l,
l996.
 
     In view of the wide distribution to the public and the
important applications of HMDA data, it is essential that
mortgagees ensure that this data is submitted both timely and
accurately to the Department.  Errors in the HMDA data have a
major impact on the quality of HMDA data released to the public.
 
     This Letter is to advise you that the Department will not
tolerate the late submission of HMDA loan data or the submission
of incomplete and/or inaccurate HMDA loan data, and will pursue
vigorous enforcement actions to ensure that HMDA data submitted
by approved mortgagees is timely and accurate.  The Department
will consider imposing administrative sanctions, including the
imposition of civil money penalties when mortgagees fail to
submit accurate and complete HMDA data within the required time
period.
 
     If you have any questions about HMDA submissions, please
contact the HMDA processing group at 202-755-7530.
 
Sincerely,
 

Nicolas P. Retsinas
Assistant Secretary for Housing-
Federal Housing Commissioner