LAR Action Type
We have a dead deal where money was exchanged and it must be reported on our LAR, however, the reason the deal died is because the property was located in New Orleans and due to Hurricane Katrina, the deal died. Does anyone know how I should code this for action type? I sent an email to HMDA for instructions and if I hear a response I will forward it on to the forum. Kathy Murphy
Did the applicant withdraw the application or did the lender make a credit decision? The application should be reported in line with either of those choices - 4: withdrawn by applicant; 5: file closed for incompleteness (possibly); or maybe Denial as either 4: collateral or 9:other. It depends on how you came to the determination that this was a "dead" deal
Laurinda, Thank you for the suggestion. I did send an email to our producer asking those questions. Thanks again.