Skip to content

Incomplete Automated Applications and HMDA

Answered by: 

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.

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 5/23/05

First published on 05/23/2005

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics