Income
Question for a Friday when one does not have the ability to think correctly. If a loan is not originated what income is reported to HMDA? I am looking at a loan that was denied. The client indicated a monthly income of $33,300 on the initial application. The loan was denied based on $25,833 monthly income, however in reviewing the loan the client provided income documentation to support $17,916. Is it acceptable to report the $25,833 or should be go back to the initial application?
I assume income was used in the credit decision. If so, then the income reported would be that used in the credit decision.
Yes, I agree - report the income that was used in making the credit decision....that's the best my non-thinking brain can do on this Friday