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Incomplete Automated Applications and HMDA

Answered by: 
Dan Persfull

Question: 
We have a POS and LOS system for our mortgage applications. My question is, if a Member starts an application on the website, runs a credit report but closes out of the system before they have finished the input and the Desktop Underwriter doesn't make a credit decision, does this loan have to be submitted to HMDA? It can't be pushed to our LOS system without the DU response and is considered an "unsubmitted" by our company. Please advise.
Answer: 

Based on the above statement I would say you simply have an inquiry or a prequalification and not an application. Therefore not reportable.

I would caution that you should insure that all loans "submitted" to DU is captured for the appropriate reporting.

First published on BankersOnline.com 5/23/05

First published on 05/23/2005

Filed under: 
Technology
Filed under technology as: 
Applications
Credit Report
HMDA
IT
Loans
Reporting

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