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#1695775 - 05/04/12 02:37 PM App. approved - not consummated - AAN?
Compli(cated) Offline
100 Club
Joined: Mar 2011
Posts: 185
Wisconsin
A loan application has been approved (and approval communicated to the applicant). If the loan is not consummated within 30 days following approval and the applicant does not request that it be kept open for longer, the record is "closed" in our sysem.

It doesn't seem that we would have to issue an AAN at that point because we already approved the application for credit. Can someone point to where I can find this in the regs?
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Lending Compliance
#1695777 - 05/04/12 02:38 PM Re: App. approved - not consummated - AAN? Compli(cated)
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
You won't. It was approved and not accepted.
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#1695791 - 05/04/12 02:48 PM Re: App. approved - not consummated - AAN? Compli(cated)
Compli(cated) Offline
100 Club
Joined: Mar 2011
Posts: 185
Wisconsin
Thanks for the response Randy. I thought I was going crazy not being able to find anything on point.
_________________________
Opinions are my own.
"I was gratified to be able to answer promptly. I said I don't know." - Mark Twain

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