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.

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