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Incomplete Automated Applications and HMDA

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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

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