If you are a HMDA-reporting bank, you know just how difficult it can be to ensure that the data you are collecting and reporting is accurate. And, accuracy is vital to avoid having to correct and resubmit your data if examiners find to many errors. One area of great confusion is with the action taken codes and more specifically, “approved but not accepted”. To accurately report this code, you need to understand what HMDA considers “approved”. It’s not uncommon to have a denial under Regulation B but it’s reported as “approved but not accepted” for HMDA.
David explains more in the video.
Published
2023/09/18