The Office of the Comptroller of the Currency has warned banks with mortgage operations to start to evaluate the Home Mortgage Disclosure Act data they will be reporting in 2005.
"Bankers should not be sitting on their hands. We are entering the fourth quarter of 2004. All banks should be doing some form of preliminary analysis of the HMDA data by now," said Julie Williams, OCC chief counsel.
As with most large projects early testing is important. The OCC is unlikely to be kind to slow movers. "If you find a problem - correct it" said Ms. Williams. "Better you find it and correct it promptly, than we find a festering problem and have to order it fixed."
