When a financial institution reported the loan amount under the old HMDA rule, the amount had to be rounded to the nearest thousandths. This will all change in 2018. The new rule modifies this data point and now requires that the lender report the entire loan amount and it should be rounded to the nearest whole number.
This data point should still be reported even if the loan does not end in origination. If the loan was denied, the amount that the applicant applied for is reported. If a counteroffer was made and it was accepted, then the amount of the counteroffer would be reported. However, if the said counteroffer was denied, then the financial institution should report the amount that the applicant initially applied for.
For more information on HMDA regulations, 2018 data point changes or our HMDA compliance services, please call Rhonda Wannemuehler or Betsy Reynolds at 855-734-7655.