In this edition, we address the following HMDA compliance and reporting questions:
- When an AUS Result Changes
Our first AUS result was Refer/Eligible; however, after correcting income and assets, the final submission returned Approve/Eligible, and we relied on the final result to originate the loan. Which AUS result should we report on the LAR? - Incomplete Applications – Denied or Closed for Incompleteness
We have a HMDA file that had both a notice of incomplete application and a denial notice for incomplete application. How should we report this application on the LAR? - When a HELOC is a Home Purchase
We have a borrower who took out a home equity line of credit (HELOC) secured by the borrower’s current residence, and the borrower stated the funds will be used as a down payment to buy another property. How should Loan Purpose be reported? - When a Modification Becomes a Reportable Refinance
Our commercial lender renewed a commercial loan secured by an eight-unit apartment building. The maturity date was extended by five years, the interest rate was increased, and $1,200 of existing interest and fees were added to the loan balance. Is this loan renewal HMDA reportable? - Selecting the Correct Federal Agency Code
Our institution is a commercial lender that is not affiliated with any depository institution. Which Federal Agency code should we report in our HMDA LAR submission header?
View the answers in this issue of HMDA Hub (PDF)
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