Skip to content
GeoDataVision
Thread Options
#1752921 - 10/26/12 06:52 PM Denied pre-approval with no address
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
We are trying to deny an applicant that requested a pre-approval to purchase a primary residence. The problem is that we do not have an address because the applicant had not identified a home to purchase yet. How do we report this denial for HMDA with no address?
_________________________
Success is getting what you want, Happiness is wanting what you get...

Return to Top
HMDA

   
HMDA Academy
#1752923 - 10/26/12 06:55 PM Re: Denied pre-approval with no address BankerChic24
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
NA, assuming you have a qualified pre-approval program.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1752945 - 10/26/12 07:33 PM Re: Denied pre-approval with no address BankerChic24
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
We do not have a formal pre-approval program. This was an isolated event, but the lender did obtain all of the documentation necessary (everything but appraisal and title work)to call this a pre-approval. In this case, can we still use NA?
_________________________
Success is getting what you want, Happiness is wanting what you get...

Return to Top
#1752949 - 10/26/12 07:43 PM Re: Denied pre-approval with no address BankerChic24
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
Not sure if I'm following. If you obtain an identified property you would no longer have a preapproval request. A denial would be reported as an Action Taken code 3 instead of code 7.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1752950 - 10/26/12 07:46 PM Re: Denied pre-approval with no address BankerChic24
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
The applicant requested pre-approval without an identified property. We turned them down, still without an identified property, can we report the property address as NA in this situation?
_________________________
Success is getting what you want, Happiness is wanting what you get...

Return to Top
#1752956 - 10/26/12 07:53 PM Re: Denied pre-approval with no address BankerChic24
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
From page A-5 of the GIR:

Requests for Preapproval.
Notwithstanding paragraphs 1
through 6, if the application is a
request for preapproval that is
denied or that is approved but
not accepted by the applicant,
you may enter “NA” in all four
columns.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1752957 - 10/26/12 07:58 PM Re: Denied pre-approval with no address BankerChic24
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
Thanks Dan.
_________________________
Success is getting what you want, Happiness is wanting what you get...

Return to Top

Moderator:  SMQ, CRCM