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#2131304 - 05/22/17 03:13 PM Is this withdrawal HMDA reportable?
lamello2001 Offline
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lamello2001
Joined: Apr 2012
Posts: 59
North Carolina
We have a refinance of a primary residence, but then the borrower calls to withdraw before providing their income information. Would I just use NA for income in this instance or would this not be HMDA reportable?

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#2131332 - 05/22/17 05:11 PM Re: Is this withdrawal HMDA reportable? lamello2001
RR Joker Offline
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The Swamp
The borrower applied for a loan to refinance. This sounds like an application either 1) withdrawn or 2) closed for incompleteness...but either way, reportable. If their income wasn't considered, it's reported NA. Since they withdrew before you issued 'info needed to complete'...I would vote door #1. wink
Last edited by RR Joker; 05/22/17 05:12 PM.
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#2131362 - 05/22/17 06:00 PM Re: Is this withdrawal HMDA reportable? lamello2001
lamello2001 Offline
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lamello2001
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North Carolina
Awesome! Thank you RR joker

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#2131607 - 05/24/17 12:46 AM Re: Is this withdrawal HMDA reportable? lamello2001
Rocky P Offline
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Florida
I vote for withdrawn too. For incompleteness, the bank would have to send a notice with the required disclosure..
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#2131682 - 05/24/17 03:29 PM Re: Is this withdrawal HMDA reportable? lamello2001
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'borrower called to withdraw' << that's your HMDA action code.

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#2131708 - 05/24/17 04:50 PM Re: Is this withdrawal HMDA reportable? lamello2001
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
but then the borrower calls to withdraw before providing their income information

'borrower called to withdraw' << that's your HMDA action code.



I would not be so quick to classify as withdrawn with the information known.

Was the applicant asked for the income information and they decided not to provide it and said they changed their minds? If so you have a denial for an incomplete application.

If they withdrew before any underwriting information was requested then I would agree with withdrawn.
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#2134706 - 06/16/17 07:39 PM Re: Is this withdrawal HMDA reportable? lamello2001
lamello2001 Offline
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lamello2001
Joined: Apr 2012
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North Carolina
Thank you all for the info!

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