The Bank's Loan Department sent the completed LAR early and now we find we need to make some edits to the file....Has anyone ever done that?...I'm nervous about asking our regulator if we can have our LAR returned and then resubmit by March 1st....

Sure you can resubmit....As I understand it all you have to do is mark it as a resubmission...... They simply copy over the information that is already on it...

However, if you are still uncertain, contact your regulators. I wouldn't be nervous. At least you caught it before they did....means you guys are "on your toes"

Kathy

Yes, you can resubmit. If you can do it by email, just label it "Complete Resubmission" and submit just like it was your initial submission. I had to resubmit my LAR because a few validity edits somehow slipped past my software. It was very easy to do by email. I would recommend it.

am i going to have to resubmit because a lot of the loans have more than 30 days between the "date received" and the "action taken date". what does the reg say about the number of days. anyone.

Reg. B requires you to advise the applicant within 30 days after receipt of a "completed application" as to whether the application has been approved, denied, or if the bank has a counteroffer. As long as you have notified the customer of the approval of their application or provided an adverse action notice for a denial within 30 days of receiving a completed application, you have complied with Reg. B. Your own bank policy or procedures may dictate what your bank considers to be a completed application. We have many mortgage loans where the time between when the application was received and approved and when the loan actually closed is several months. With low mortgage rates and many people refinancing, it is difficult to get a loan closed within 30 days or less of approval. You do need to be within 30 days on your denials, though.