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#1546433 - 05/05/11 02:47 PM Rate Shoppers
2crazy4me Offline
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Joined: Sep 2009
Posts: 12

If you have a customer who is rate shopping and the adjustments for a cash out refinance bump the rate higher than they wanted to pay, credit scores were excelent.

Do you have a Withdrawn or a denial?
if its a denial what would you use as the reason?

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#1546453 - 05/05/11 02:59 PM Re: Rate Shoppers 2crazy4me
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,944
Galveston, TX
Did you make a credit decision?
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#1546562 - 05/05/11 04:09 PM Re: Rate Shoppers rlcarey
2crazy4me Offline
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Joined: Sep 2009
Posts: 12
All the file has in it is a credit report and a few dislosures and the application. In my mind i would not have told the customer they were approved untill I completed all the verifications, at the very least verification of income. But i see this thouugh a processors eyes not a loan officer.
The only notation in the file other than the loan office says it is withdrawn within 3 business days.
I really appreciate your assistance.

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#1546718 - 05/05/11 06:06 PM Re: Rate Shoppers 2crazy4me
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,707
Bloomington, IN
Quote:
the adjustments for a cash out refinance bump the rate higher than they wanted to pay, credit scores were excelent.


Sounds to me you couldn't approve them for the rate they wanted therefore I would have to opine you have a denial.
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