When HMDA Applies is selected, how do the reasons selected in Document Data for the Notice Of Action Taken affect the Reasons for Denial in the Origination/Disposition area on the Calculations page?
| Reason Type from Notice of Action Taken | Reasons for Denial in Origination/Disposition |
|---|---|
| Unable to verify credit references | 6 = Unverifiable information |
| Income insufficient for amount of credit requested | 1 = Debt-to-income ratio |
| Excessive obligations in relation to income | 1 = Debt-to-income ratio |
| Unable to verify income | 6 = Unverifiable information |
| Temporary or irregular employment | 2 = Employment history |
| Unable to verify employment | 6 = Unverifiable information |
| Length of employment | 2 = Employment history |
| Length of residence | 9 = Other; ‘Length of residence’ will be included as the Reasons for Denial Description |
| Temporary residence | 9 = Other; ‘Temporary residence’ will be included as the Reasons for Denial Description |
| Unable to verify residence | 6 = Unverifiable information |
| No credit file | 3 = Credit history |
| Limited credit experience | 3 = Credit history |
| Value or type of collateral not sufficient | 4 = Collateral |
| Delinquent past or present credit applications with others | 3 = Credit history |
| Collection action or judgment | 3 = Credit history |
| Bankruptcy | 3 = Credit history |
| Credit application incomplete | 7 = Credit application incomplete |
| Poor credit performance with us | 3 = Credit history |
| Insufficient number of credit references provided | 3 = Credit history |
| Unacceptable type of credit references provided | 3 = Credit history |
| Garnishment or attachment | 3 = Credit history |
| Foreclosure or repossession | 3 = Credit history |
| Number of recent inquiries on credit bureau report | 3 = Credit history |
| No credit score | 3 = Credit history |
| Location or condition of collateral (use only in Massachusetts) | 4 = Collateral |
| Other | 9 = Other; what you have entered in Other Reason Description will be included as the Reasons for Denial Description |
To change the defaulted reasons, select Edit Reasons for Denial. If you select Edit Reasons for Denial, the reasons selected on the Notice Of Action Taken document default and are editable in the Origination/Disposition. If you make edits to the Reason Type on the Notice Of Action Taken document later, the Reasons for Denial that you have manually selected in the Origination/Disposition area will be retained. To revert to the defaulted reasons, unselect Edit Reason for Denial. Reasons for Denial do not default to or change the values disclosed on the Notice Of Action Taken document.