Skip to content
GeoDataVision
Thread Options
#1641940 - 12/21/11 07:36 PM Loan Amount Range
3up3down Offline
Junior Member
Joined: Jun 2008
Posts: 25
We have a couple that applied for a loan to purchase a home and make improvements on it. However, they do not know how much the selling price of the home will be. So the loan amount they applied for was $60,000-$75,000. We are denying the loan. What amount do I report on the LAR?

Return to Top
HMDA

   
HMDA Academy
#1641948 - 12/21/11 07:44 PM Re: Loan Amount Range 3up3down
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 8,835
OK
If you never did find the selling price, i'd report the lower amount ($60k), my reasoning being: what they were applying for was AT LEAST $60k and you wouldn't approve them even at that amount. Just my opinion.
Last edited by raitchjay; 12/21/11 07:44 PM. Reason: left out a key word
_________________________
I'm fixin' to fix that.

Return to Top
#1642246 - 12/22/11 03:02 PM Re: Loan Amount Range raitchjay
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,643
Originally Posted By: raitchjay
If you never did find the selling price, i'd report the lower amount ($60k), my reasoning being: what they were applying for was AT LEAST $60k and you wouldn't approve them even at that amount. Just my opinion.


That reasoning seems appropriate to me. Good thought process RJ.
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

Return to Top

Moderator:  SMQ, CRCM