For HMDA reporting purposes, how should a lender classify a loan application that was withdrawn by the applicant after the lender requested additional documentation?
Correct Answer
D) Application withdrawn by applicant
Under Regulation C, when an applicant voluntarily withdraws an application, it should be reported as 'Application withdrawn by applicant' regardless of the circumstances leading to the withdrawal, including requests for additional documentation.
Why This Is the Correct Answer
Under Regulation C, when an applicant voluntarily withdraws an application, it should be reported as 'Application withdrawn by applicant' regardless of the circumstances leading to the withdrawal, including requests for additional documentation.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which information is NOT required to be included in an AfBA disclosure?
A lender quotes an APR of 4.25% on a mortgage loan, but the actual APR calculation results in 4.28%. Under TILA's APR accuracy tolerance, is this disclosure compliant?
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A servicer receives a borrower's written request for payoff information on Monday. The borrower needs the information for a refinance closing scheduled for the following Friday. When must the servicer provide an accurate payoff statement?
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A lender discovers that flood insurance is required for a property after the Closing Disclosure was issued, adding $1,200 annually to the borrower's costs. The borrower objects to the additional cost. What is the lender's obligation?
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A borrower receives a Loan Estimate on Wednesday and wants to proceed with the loan. Under TRID, what is the earliest date the borrower can close on the loan?