Is this application withdrawn, incomplete, or ???
by Dan Persfull, BOL Guru Guru BIOS
Question: A customer comes in and we do an application and even pull credit (high scores). They leave and when we contact them again, they say they will "let us know." How do I classify the adverse action? Withdrawn? Incomplete? A decision could have been made by the scores.
Answer: The answer depends on whether you had made a credit decision when you contacted the applicant and whether the loan request was subject to HMDA reporting.
For HMDA, if you approved the request and contacted the applicant to inform him the request was approved and to ask it they wanted to proceed the loan is an approved but not accepted.
If not subject to HMDA reporting, then you have a withdrawn application.
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