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#1962241 - 09/16/14 05:32 PM Incomplete file/missing loan amount
Glo Offline
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Joined: Jul 2005
Posts: 394
Arkansas
When you have an incomplete file and the loan amount is missing, what do you put in place of it if there is no figure? You can't put NA or 0 on the LAR.

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#1962253 - 09/16/14 05:41 PM Re: Incomplete file/missing loan amount Glo
DoS Offline
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one state over
if you don't have a loan amount I wouldn't think it would be an application.
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#1962258 - 09/16/14 05:50 PM Re: Incomplete file/missing loan amount Glo
Glo Offline
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Joined: Jul 2005
Posts: 394
Arkansas
Yes, that is true. If it's for a HMDA purpose, don't you have to report it on the LAR though?

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#1962282 - 09/16/14 06:14 PM Re: Incomplete file/missing loan amount Glo
DoS Offline
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one state over
I would not report this. if the customer never gave us a loan amount you would not have an application to report
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#1962283 - 09/16/14 06:16 PM Re: Incomplete file/missing loan amount Glo
Glo Offline
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Joined: Jul 2005
Posts: 394
Arkansas
Okay, thank you for your help!

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#1962288 - 09/16/14 06:18 PM Re: Incomplete file/missing loan amount Glo
Truffle Royale Offline

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Joined: Jul 2003
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no.
HMDA is for reporting applications but Reg C never defines what items must be present to constitute an application.
It's SOP to use the RESPA six item definition.
So, if one of the items is missing, you don't have an application for RESPA or HMDA.
Incomplete refers to not getting enough info to do the underwriting, not getting an incomplete 1003.

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#2077623 - 05/09/16 03:51 PM Re: Incomplete file/missing loan amount Glo
George Offline
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Joined: Apr 2016
Posts: 364
I need to resurrect this one. I have one to be reported as "File Closed for Incompleteness," but no loan amount given. It appears to be a home purchase and I have the property info; which leads me to think that a purchase price was most likely provided.

I know HMDA says not to report anything under $500; so if no purchase price was given, then this one should not be reported, correct? If one was given, then I would just use the purchase price as the LA?

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