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#1728920 - 08/08/12 07:48 PM Approved not Accepted or Declined
swthomeala Offline
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Joined: Oct 2005
Posts: 39
Georgia
We credit scored an individual on the consumer side of the house for a rental property that was not owner occupied or secondary home. This should have been scored on the commercial side. Would this be considered an approved not accepted or a declined application? My instinct is to call it a decline because it does not meet bank policy and state the reason being is that this request does not fall within policy guidelines for non owner occupied property and we do not offer the product needed. To me an approved not accepted is when the customer changes his/her mind or rejects our offer. Thoughts?????
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#1728926 - 08/08/12 07:55 PM Re: Approved not Accepted or Declined swthomeala
raitchjay Offline
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Joined: Oct 2009
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Can you not just transfer the application and credit report from your consumer department to the commercial side and go on with your evaluation of the application? Or are you saying your bank doesn't make these types of loans period? We don't have segregation between consumer and commercial loan officers, so perhaps i'm missing something?
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#1728979 - 08/08/12 09:16 PM Re: Approved not Accepted or Declined raitchjay
swthomeala Offline
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Joined: Oct 2005
Posts: 39
Georgia
Typically that is what should have been done. However, it never went to the commercial side. It just ended here.
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#1728984 - 08/08/12 09:24 PM Re: Approved not Accepted or Declined swthomeala
raitchjay Offline
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Joined: Oct 2009
Posts: 8,674
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I don't know what your denial reason would be. I don't think you can say that your bank doesn't offer the product. It sounds like your bank offers the product, just on the commercial side and not the consumer side. I think i'd want to try to contact the applicants, apologize, explain what happened and see if they wanted to move forward with the application? ETA: and it doesn't sound like the application ever got decisioned, so i don't see how "approved but not accepted" would be an option either.
Last edited by raitchjay; 08/08/12 09:29 PM.
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