Missing HMDA County Records: Check Coverage Before Comparing

A county search can be incomplete for your purpose even when the database itself loaded correctly. Some records have missing or unmatched geography. Before deciding that a lender did little business in an area, check whether your comparison silently excluded an unreported-location group.

Distinguish no matching records from no reported geography

A blank source field, an unmatched code and a valid county with zero selected results are different conditions. FinToku retains missing geography in separate groups and keeps unmatched codes visible where a county name is unavailable. A search result should be described using the geography actually selected, not expanded into a statement about all of a lender’s activity.

Worked example

Suppose an illustrative state selection contains 900 records assigned to named counties and 100 in an unreported county group. County A has 90 named records. Its share is 90 ÷ 900 = 10% of named-county records, or 90 ÷ 1,000 = 9% of all records in this selection. Both calculations can be correct, but they answer different questions. You cannot allocate the 100 unreported records to County A merely to complete the table.

This example is illustrative, not a finding about a named borrower, company or property.

A practical research workflow

Check the state summary, note the total and locate any unreported or code-only groups. Keep the same treatment of those groups when comparing institutions. If your analysis requires exact county coverage, state that missing geography limits the conclusion. When a code looks wrong, record the source reference and consult the geographic dictionary rather than replacing it with a guessed county name.

Checks before you use the result

• Note whether unreported county groups are included.
• Separate a missing label from an invalid source code.
• Use one denominator consistently across the comparison.
• Keep a record reference when requesting a geography correction.

What this evidence cannot establish

Missing geography is not proof that a loan occurred outside the state, that a lender avoided an area or that a specific property was omitted. A zero-result message reflects the selected filters and available fields, not a complete investigation of lending activity.

Questions readers ask

Should I distribute missing-county records proportionally?

Not as though the allocation were observed. If you model an allocation, label it as an assumption and keep the original unallocated counts available.

Can a county code remain useful without a county name?

Yes, as a source reference. Verify its format and definition before joining it to another table; keep it as text so leading zeros are not lost.

Continue your research

• Explore the relevant directory
• Browse the free loan resource library
• Find more loan research guides
• Mortgage Reporter LEI vs Brand Name: A Search Checklist

Sources and scope

• Official public HMDA field definitions
• 2025 source release and snapshot context

Prepared November 7, 2026 using the linked public source context and directory methodology. Historical source periods are identified in each directory. Current offers, individual account facts and program availability require separate verification.

Explore this topic further

Check your assumptions with these tools and related guides.

Try a relevant calculator

• Mortgage & Home Loan — Principal, interest, taxes and insurance in one monthly number.
• Loan Comparator — Put two or more loan offers side by side and see which costs less.

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Further reading

CFPB guide to reading a Loan Estimate