When it comes to HMDA reporting, one of the action taken codes that gives institutions some trouble is Code 2 - Application Approved but not Accepted (ANA). The reason is that “approved” means the applicant is fully approved (i.e., all verifications have been received and the applicant is cleared to close). In other words, the applicant has met all underwriting and creditworthiness conditions. These are different than conditions related to the property (aka customary commitment and closing conditions). Then to top it all off what you are required to report for HMDA might not match up with the action taken for Regulation B (Equal Credit Opportunity Act) reasons.
David explains more in the video.