HMDA: Is it a preapproval or prequalification; NCUA Opens Registration for Freebie Seminar on 3rd Party Relationships
With the March 1 HMDA deadline quickly approaching, many credit unions are preparing their HMDA data submission.Â Here at NAFCU, we've received a few questions about the difference between a prequalification and a preapproval.Â What's the big deal?Â Preapprovals must be reported under HMDA, while prequalifications do not.
Regulation C is not especially clear on the subject.Â But do not fret, compliance friends.Â The Saint Louis Fed prepared this web page, which does a top-notch job of describing the differences between prequalifications and preapprovals.Â Â It does into greater detail than does Regulation C, and it provides examples.
Good stuff, people.Â Good stuff. (I tend to say that too often.)
Sign up for a free NCUA webinar here.Â The subject will be "Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning."Â It will take place on January 29, from 1 to 2:30 p.m.