Summer 2016: Issue 12
Many financial institutions struggle with how to select the correct HMDA code for “action taken” on an application that was conditionally approved, but for which no loan was originated. The CFPB discusses the requirements applicable to such applications in its latest edition of Supervisory Highlights, Summer 2016, noting that some institutions are incorrectly using codes for “denied” or “incomplete” when “withdrawn” should be used.
Click here to read the Summer 2016 issue.