Skip to content
GeoDataVision
Thread Options
#1424809 - 08/05/10 06:14 PM Two applications?
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Application and GFE dated 7/7 completed and customer ends up not liking the rate so nothing is done with it. 7/28 Lender and customer come to an agreeable rate and produce new GFE. No new application is taken. Should we obtain a new application for 7/28 and report 7/7 as "withdrawn"? Or can we just use the 7/7 application and report 7/7 as the lock in date for the rate spread? (In house loan where we disclose lock in date as application date)
Thanks
_________________________
Go Packers

Return to Top
HMDA

   
HMDA Academy
#1424857 - 08/05/10 06:40 PM Re: Two applications? Bec
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
See page D-9 of the GIR; Application dateóreinstated application.

IMO you can't use 7/7 as the date you set the rate for the new request.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1424901 - 08/05/10 07:15 PM Re: Two applications? Dan Persfull
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
The way I read it in the GIR is that there would still only be one HMDA report but it would read the new application date of 7/28?
Last edited by Bec; 08/05/10 07:17 PM.
_________________________
Go Packers

Return to Top
#1425569 - 08/06/10 07:43 PM Re: Two applications? Bec
Georgia Plum
Unregistered

I would say your app date is still 7/7. You didn't deny, rather you were in negotiation. Technically, you probably should have sent out a counteroffer. But IMO your lock in date is 7/28 based on when the rate was agreed upon.

Return to Top
#1425736 - 08/06/10 10:03 PM Re: Two applications?
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
Bec, the way you read the GIR is correct for the application date if you are treating it as a new request. If you are treating it as an "amended" request then what GP said would be correct.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  SMQ, CRCM