HMDA Action Taken: Approved Not Accepted

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If you are a HMDA bank, you know that your HMDA data must be accurate as there is very little room for error. One of the pieces of data you are required to report is the action you take on a HMDA application. Your options include:

1. Loan originated
2. Application approved but not accepted
3. Application denied
4. Application withdrawn by applicant
5. File closed for incompleteness
6. Purchased loan
7. Preapproval request denied
8. Preapproval request approved but not accepted

While this may seem pretty straightforward, the action taken data field is one that often leads to errors. So, let’s take a closer look at Code 2 “Application approved but not accepted”.

David explains more in the video.

Published
2022/04/22