Automated Underwriting System - HMDA Reporting
Answer by Dan Persfull, BOL Guru Guru Bios
Question: Under an automated underwriting system and/or a desktop underwriter, when is a loan considered approved for HMDA reporting purposes? What if it is done through a point of sale communication such as an approval with conditions?
Answer: Unless the decisions are used as absolute decisions by your financial institution then I would consider them conditional approvals. This FAQ discusses conditional approvals.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
