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#1430602 - 08/18/10 02:09 PM Denial Reason
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
We have an applicant who applied for a loan to purhcase an automobile. THey have not found one and don't know when they will. It is coming up on the 30 days. Do we have to send an adverse action, what is the best reason to give?

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Lending Compliance
#1430645 - 08/18/10 02:46 PM Re: Denial Reason ahkcompliance
Doin it right Offline
100 Club
Joined: Mar 2006
Posts: 245
Up North
If the application otherwise qualifies for approval based on credit history and the initial DTI, it seems to me the AAN would indicate Incomplete Application.

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#1431463 - 08/19/10 04:40 PM Re: Denial Reason Doin it right
West Coast Comp Offline
Gold Star
West Coast Comp
Joined: Jun 2010
Posts: 350
Lost in the rain.
Incomplete application...or to be cheeky unacceptable collateral. smile

or

You could conditionally approve pending acceptable collateral.
_________________________
Where I go there I am. smile

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#1431493 - 08/19/10 05:18 PM Re: Denial Reason West Coast Comp
Sheldon Hendrix Offline
Diamond Poster
Sheldon Hendrix
Joined: Jun 2006
Posts: 1,194
South
I would go with WCC's last recommendation, just make sure that you document that the conditional approval was "communicated" to the applicant.

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#1431529 - 08/19/10 05:42 PM Re: Denial Reason Sheldon Hendrix
Georgia Plum
Unregistered

Approved not accepted? It wasn't an incomplee application because you obviously approved it.

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