Get It Right: It’s a mantra for HMDA reporting, and it’s equally critical in CRA small business reporting for regulatory compliance. Three of the four critical fields to CRA reporting routinely cause lenders problems: Loan Amount, Loan Location and Gross Annual Revenues of $1 Million or Less. The right answer depends on such specifics as whether and when the loan was purchased or reported during the calendar year; the street address of the business property or farm to which the funds were used; and the proper calculation of the revenue considered in the credit decision.
Collecting the right information at the outset of the process gives lenders the opportunity to report additional small business loans in the lender’s assessment area and leads to less pain during the CRA performance evaluation.
Click the image below to download the poster and get familiar with some nuances in these three important CRA reporting fields.