FRB FAQs-If the bank discontinued its preapproval program during the first quarter, may the bank report the preapproval codes 1 and 2 for home purchase applications received before the change and code 3 for the applications received after the change?

Compliance > Regulation C - HMDA > FRB FAQs

Q:  If the bank discontinued its preapproval program during the first quarter, may the bank report the preapproval codes 1 and 2 for home purchase applications received before the change and code 3 (NA) for the applications received after the change?

A:  If the bank no longer has a covered preapproval program as defined by Regulation C, it would be appropriate to report code 3 or “NA” for applications received after the bank discontinued its program.

 

This can be found in - HMDA FAQ#12 of the FAQs.  The Federal Reserve Board FAQs can be found at: https://consumercomplianceoutlook.org/2011/second-quarter/hmda-and-cra-data-reporting/

Add Feedback