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HMDA action taken when consumer can’t close

Question: 
We do not schedule a closing unless all customary closing conditions are met and issue a denial if they are not. Why would we report differently for HMDA than we do for underwriting or creditworthiness conditions?
Answer: 

The action taken commentary at 1003.4(a)(8) differentiates between action taken for customary commitment or closing conditions and underwriting or creditworthiness conditions. If the only conditions outstanding are customary commitment or closing conditions, the action taken is reported for HMDA as approved not accepted.
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Learn more about Kathleen Blanchard’s webinar Reporting HMDA Action Taken for Conditional Approvals

First published on 05/05/2019

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