HMDA: Preapproval vs Prequalification

Are you a HMDA bank?  Do you have a preapproval program?  What’s a prequalification?

When it comes to HMDA, pre-approvals and pre-qualifications are completely different animals.  Your bank might use the terms interchangeably but it’s important you understand the difference so you don’t end up in hot water with your examiners!  If you have a pre-approval program, it’s a big deal because it’s something you are required to report on your HMDA-LAR.

Click on the video to listen to David explain.

On July 7th, we hosted a webinar, “HMDA Advanced Lessons”, where we get into the more complicated issues related to being a HMDA reporting institution.  Things like mixed-use properties, demographic information, complicated data fields, etc.  The webinar is available now On Demand so be sure to check it out!


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