HMDA Action Taken: File Closed for Incompleteness

One of the data fields you are required to report on the HMDA-LAR is the “Action Taken.” In other words, the action you took on the application. For example, was it originated, was it approved but not accepted, was it denied? There are eight different options for you to choose from when reporting the Action Taken. One of those is Code 5 – File Closed for Incompleteness.

David explains more in the video.


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Video Highlights:

  • David discusses the need to send a notice of incompleteness for mortgage applications that are not progressing.
  • He recommends sending this notification in writing, such as through an email or letter, but there is no specific format.

Published
2023/04/06

 

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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