We have a loan application for a property that has been verified to be a dwelling. The dwelling is the collateral for the loan. We do not have a pre-approval program. The application has been withdrawn.
We do not have a loan amount. Is this loan HMDA reportable? If so, how do we report without a loan amount?
Regulation C requires that open-end lines of credit and closed-end mortgages loans be reported. Both categories must be secured by a dwelling. The reported loan amount could be 0.00 if the application is denied, withdrawn or closed for incompleteness at an early stage or for a preapproval request.