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#1603470 - 09/14/11 04:13 PM Application Date for Prequalification
Comp1979, CRCM Offline
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Joined: Apr 2011
Posts: 10
Kentucky
So I know that prequalifications are not HMDA reportable if they are never consumated, but if a loan actually closes as a result of a prequalification then what would the application date be for HMDA? Would it be the original prequalification date or the date the customer brings in the address and consents to proceed with the loan?
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Formally Compliance1979, but I had to change it to add CRCM!!

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#1603497 - 09/14/11 04:28 PM Re: Application Date for Prequalification Comp1979, CRCM
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,673
Bloomington, IN
If it's a prequalification and not a preapproval then your application date would be when a property is identified. Until then you do not have an application for HMDA purposes.
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The opinions expressed are mine and they are not to be taken as legal advice.

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