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#2247912 - 01/21/21 01:15 AM Denial Reason 8 - Mortgage Insurance Denied
HMDA Warrior Offline
Member
Joined: Jan 2018
Posts: 53
I have a question about when Denial Reason "8 - Mortgage Insurance Denied" should be used. What I understood was that this was meant to be for instances when the loan was submitted to a private mortgage insurance company and they denied the coverage. I'm not finding any guidance in the Reg, or HMDA support documentation (FIG, GIR, Small Entity Guide) though.

According to the notes left by the UW, the CLTV was too high to qualify for our company qualifying guidelines (over 90%) and the loan was never submitted for Mortgage Insurance. I don't believe that the Denial Reason is correct, I think it should be 4 - Collateral (low value).

Any thoughts?

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#2247913 - 01/21/21 11:55 AM Re: Denial Reason 8 - Mortgage Insurance Denied HMDA Warrior
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Well, I would be at a loss trying to explain to an examiner why a loan was denied for "Mortgage Insurance Denied" when the loan was never submitted for Mortgage Insurance.
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