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Withdrawing a Complete, Approved Application
Answer by Andy Zavoina, BOL Guru
BIO AND CONTACT INFO
Question: Can a complete, approved application be withdrawn by the bank if there has been no further customer contact? Are we in violation of a federal reg. if we withdraw approval before 30 days?
Answer: Approvals communicated to the applicant(s) should always have a deadline and often a qualification that other items cannot materially change.
If this was not done, you already have time and effort invested in this application, so I would send them a notice that the offer will expire on X date. I would give at least 10 days. This way you demonstrated good faith and attempted to salvage the deal.
First published on BankersOnline.com 9/2/03
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