Thread Options
#1209283 - 06/29/09 03:28 PM Reg B
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
If we make a counter-offer...how long do we have to give the applicant to respond? 30 or 45 days?

Return to Top
Lending Compliance
#1209285 - 06/29/09 03:30 PM Re: Reg B Many Hats
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
As long as you want. You should list a date on the counter-offer notice.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#1209291 - 06/29/09 03:35 PM Re: Reg B David Dickinson
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,324
Keep in mind that your counter-offer is based in part on the DU findings. They have an expiration date beyond which your counter-offer will no longer be valid anyway.

Return to Top
#1209611 - 06/29/09 08:57 PM Re: Reg B Truffle Royale
swiggles Offline
Power Poster
swiggles
Joined: Aug 2001
Posts: 7,333
Don't forget.....if you don't use the combined counter-offer/denial notice, and the applicant hasn't responded to the counter-offer within 30 days of the date the ap was received, you'll need to send an official denial notice.
_________________________
The more you sweat in training, the less you bleed in battle.......

Return to Top
#1210604 - 07/01/09 02:46 PM Re: Reg B swiggles
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
We DO use the combined counter-offer/denial notice. We give the borrower 30 days to respond and if they do not, we send another notice denying the request.

Just wanted to make sure this is the right way to go about it.

Return to Top
#1210614 - 07/01/09 02:52 PM Re: Reg B Many Hats
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,635
Bloomington, IN
If you are using the combined notice then there is no need to follow up with another AAN if the applicant does not contact you by the date specified on the combined notice.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  Andy_Z