In a WHEDA seminar today we were told that we now have to order PMI before we send the loan to WHEDA for approval. In order to get PMI you have to underwrite the loan.

Could it be said that underwriting for PMI is not an underwriting decision for HMDA because it's part of the package we send to WHEDA? WHEDA is the only one who can approve or deny a WHEDA loan so we're not really underwriting it?

Any help or opinions welcome.