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#1339720 - 02/08/10 08:56 PM Lending definitions
Soccer Offline
Platinum Poster
Joined: Jan 2010
Posts: 995
Utopia
For lending purposes what are the definitions of:

Withdrawn

Approved not Accepted


Thanks
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General Discussion
#1339728 - 02/08/10 08:59 PM Re: Lending definitions Soccer
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,859
TN
Withdrawn means the customer decided not to apply for the loan BEFORE the credit decision was made.

Approved but not Accepted means the custoemr decided to not take the loan AFTER the bank had approved the request.
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#1342525 - 02/12/10 10:53 AM Re: Lending definitions Soccer
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 9,890
Toano, VA
CAUTION - definitions are valid ONLY within the law or regulation where they are found. In any other context, the same words or phrases may take on different meanings--totally changing your obligations and risks.
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#1342746 - 02/12/10 03:56 PM Re: Lending definitions Richard Insley
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Richard is correct. I always like to say that, while a customer can withdraw a loan at any time in the application process, for HMDA purposes the bank cannot report the application as withdrawn if a credit decision has been made. The bank must report the credit decision, which would result in approved not accepted, denied, etc.

In actuality, the customer still withdrew the loan application.
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