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#138340 - 12/10/03 08:26 PM HMDA Loan Amount
opie Offline
Member
opie
Joined: Jul 2003
Posts: 85
Bloomington, IL
We have customers completing loan application for HMDA reportable loans and under loan amount they are entering MAX. If one of these loans is denied for credit prior to an actual loan amount being determined what amount should I report.

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Lending Compliance
#138341 - 12/10/03 08:32 PM Re: HMDA Loan Amount
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
We don't report these (although we get very few). We treat them as "pre-qualification" requests and simply follow the Reg B requirements.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#138342 - 12/10/03 11:12 PM Re: HMDA Loan Amount
BWG Offline
New Poster
BWG
Joined: Nov 2002
Posts: 12
Check the new rules. True "Pre-qualifications" are reportable in 2004.

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#138343 - 12/10/03 11:15 PM Re: HMDA Loan Amount
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,841
We follow the same procedure as dpersfull, and I confirmed with our regulator a few years ago that this is correct.

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#138344 - 12/11/03 01:00 AM Re: HMDA Loan Amount
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Quote:

Check the new rules. True "Pre-qualifications" are reportable in 2004.




Only "pre-approvals" are reportable.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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