BCFP Releases Beta Version of HMDA Platform

The Bureau recently launched the beta version of the HMDA Platform, which will allow financial institutions to test out the system before the formal filing period opens in 2019 and determine whether their sample Loan/Application Register (LAR) data complies with the reporting requirements for HMDA data collected in 2018.

The beta version of the HMDA Platform will offer financial institutions the opportunity to familiarize themselves with the Platform, allowing them to engage in activities with the Platform such as: (i) establishing new, or using prior, log-in credentials; (ii) uploading sample 2018 HMDA files; (iii) performing validation on their data; (iv) receiving confirmation that their test data was submitted; and (v) completing the test filing process.  The Bureau stated that, during this trial period, it will continue to add functionality to the Platform and institutions may test their files as many times as they like.  However, the Bureau noted that all test data uploaded during the beta period will be removed from the system when the filing period opens in January 2019.

Note that financial institutions must have a Legal Entity Identifier (LEI), which uniquely identifies an institution, in order to use the HMDA Platform, both during this testing period and for actual filing purposes.  If financial institutions have an LEI that is not recognized by the Platform, the Bureau indicated that such institutions may fill out and submit a form to have their information added to the Platform.

The form that financial institutions may submit for assistance with registering or updating their information on the HMDA Platform can be found here.

The beta version of the HMDA Platform can be found here.