I am in the midst of a Reg. B Adverse Action review, and while working through a report our underwriting department uses for tracking applications, I found a one that had no Denied/Withdrawn file. The head of our underwriting department informed me that the application was withdrawn, as the applicant decided to stay with their current bank.
When I asked the Lending Officer about it, I was told the file was "on hold"... which to me means the Lender is hanging on to the applicant's info for future sales pitches. Have you run across this with any of your lenders? What do you do? To me, if the applicant truly said "I'm staying with my current bank," the application is Withrdawn. But the Lender seems to think they can keep the file 'open'. Thoughts? Thanks!
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Innerpartysystem