Internal Audit and HMDA

July 7, 2022 BY MQMR Blogger


How can Internal Audit help a mortgage lender comply with the HMDA?




One objective of internal audit is to make sure that lenders have a compliant and robust fair lending program in place, which includes complete and accurate HMDA reporting.  Internal auditors can review both a lender’s policies and procedures, as well as HMDA data for accuracy and completeness.  An internal auditor’s assessment will include, but may not be limited to, a review of the following:


  • The process for analyzing and reporting HMDA data;
  • HMDA data integrity; 
  • Actions taken as a result of findings; and 
  • How policies and procedures are updated to address any process failures and inefficiencies.