HMDA-What Amount To Report

Posted By: Love Cruising

HMDA-What Amount To Report - 06/02/15 07:26 PM

Customer applied for 550,000 and disclosures were issued, a week later the bank was able to approve him for a higher amount of 565,000 and new disclosures were issued. the bank extended the approval letter for $565,000. Customer found a better rate and withdraw the request. For HMDA purposes, do I report the loan amount as $565 or for the original amount applied of $550?
Posted By: NSF, CRCM

Re: HMDA-What Amount To Report - 06/02/15 07:30 PM

We would report the $565k.

To me its the same as the following:

Customer applies for $100k loan. Appraisal comes in lower than expected so bank counteroffers to do loan for $90k. If the customer accepts and closes the loan at $90k. You wouldn't report $100k, you would report $90k.

The final amount would be reported.
Posted By: hmdagal

Re: HMDA-What Amount To Report - 06/02/15 07:37 PM

Did the customer request the higher loan amount? If so, that's what I would report.

If the bank increased the amount, I would report the amount of the original request.
Posted By: Dan Persfull

Re: HMDA-What Amount To Report - 06/02/15 08:28 PM

Customer applies for $100k loan. Appraisal comes in lower than expected so bank counteroffers to do loan for $90k. If the customer accepts and closes the loan at $90k. You wouldn't report $100k, you would report $90k.

But if they don't accept you would report the $100K.


It appears the bank was able to offer the applicant additional money based on their underwriting. It does not appear by the information provided the applicant amended the loan amount. The applicant did not accept the counteroffer for a larger loan amount therefore the original amount applied for, in this case $550K, would be reported.
Posted By: Love Cruising

Re: HMDA-What Amount To Report - 06/02/15 08:41 PM

By what the officer tells me, the borrower was not sure the appraisal would come for a higher amount, but in actuality he did want the higher loan amount. So would we report the higher $565?
Posted By: Dan Persfull

Re: HMDA-What Amount To Report - 06/02/15 08:46 PM

The original loan request was for $550K therefore the answer depends if the applicant requested the higher loan amount or if the bank countered the higher loan amount.

See hmadagal's response.