No Loan Amount Obtained – How to Report

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Question:

What do we report for Loan Amount if an application is taken, under our financial institution’s definition of HMDA Application which does not include a loan amount, and the applicant withdraws or the lender denies before we have a loan amount?

Answer:

In those situations, HMDA allows loan amount to be reported as zero. That is an exception to the minimum known loan amount of $500. This is only stated in a validity edit that states loan amount can be zero. The same is available for a denied preapproval when an amount was not specified.
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