If you’re a HMDA Bank, you’re probably more than well aware that reporting the correct action taken has long been a source of confusion. The CFPB’s HMDA Small Entity Compliance Guide lays out some scenarios that may help and, even better, we’ve taken some of these scenarios and laid out what they mean in plain English. Our “HMDA: Action Taken Codes Chart” is available now in the Free Lending Tools area of our website.
There are very subtle differences between some of the action taken codes and some don’t necessarily line up with other regulations, which can result in confusion. Don’t be surprised if you have to study this chart for a while before you start to see some of the differences and fully understand how they can impact your reporting.
Want more on the HMDA Action Taken Codes? Be sure to check out our June Newsletter where we walk through some of the more confusing Action Taken Codes in greater detail. We are also hosting a “HMDA Action Taken Deep Dive” webinar on June 6th which is sure to get you on the right track!