Skip to content
BOL Conferences
Thread Options
#1747605 - 10/09/12 03:56 PM Approved, Not Accepred or Denial
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Application was made for const/perm loan for a primary residence. The Bank made a counter offer. The applicant did not accept and went with another lender.

For HMDA, the action taken is a denial, correct?

And, the action taken date is the date in which the applicant contacted the bank and indicated they did not accept the counter offer, right?

Return to Top
HMDA

   
HMDA Academy
#1747609 - 10/09/12 04:02 PM Re: Approved, Not Accepred or Denial Many Hats
TMatt87 Online
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,984
Idaho
Correct on both.
_________________________
All opinions are my own, not my employer's

Return to Top
#1747620 - 10/09/12 04:21 PM Re: Approved, Not Accepred or Denial Many Hats
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
I think your action taken date would be whatever the date of your denial is, not the date they contact you and say they don't want to accept your counteroffer.
_________________________
I'm fixin' to fix that.

Return to Top
#1747630 - 10/09/12 04:30 PM Re: Approved, Not Accepred or Denial Many Hats
TMatt87 Online
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,984
Idaho
You're right raitchjay, I forgot this was a counter-offer situation.
_________________________
All opinions are my own, not my employer's

Return to Top
#1747651 - 10/09/12 04:51 PM Re: Approved, Not Accepred or Denial Many Hats
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
So, then if the applicant calls on 10/5 to say they do not accept the counter offer and the bank notates the file regarding this and closes it on 10/9, the action taken date is 10/9?

And, on a related note, since they aren't actually denying (it was a counter offer not accepted), an AAN is not necessary?

Return to Top
#1747654 - 10/09/12 04:53 PM Re: Approved, Not Accepred or Denial Many Hats
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
What date did the borrower not accept? That's your action taken date, not when the bank gets around to closing the file.

Return to Top
#1747661 - 10/09/12 04:59 PM Re: Approved, Not Accepred or Denial Many Hats
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
A counteroffer not accepted IS a denial (you wouldn't grant credit on the terms applied for). Your action taken date is when you issued the denial/counteroffer and yes, you would need an AAN.
_________________________
I'm fixin' to fix that.

Return to Top
#1747663 - 10/09/12 04:59 PM Re: Approved, Not Accepred or Denial Many Hats
TMatt87 Online
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,984
Idaho
Originally Posted By: TMatt87
You're right raitchjay, I forgot this was a counter-offer situation.


I think I was right the first time. The action date will be the date that the applicant withdrew.

Originally Posted By: Many Hats
So, then if the applicant calls on 10/5 to say they do not accept the counter offer and the bank notates the file regarding this and closes it on 10/9, the action taken date is 10/9?

And, on a related note, since they aren't actually denying (it was a counter offer not accepted), an AAN is not necessary?


You're action date would be 10/5 and you would have to send out an AAN.
_________________________
All opinions are my own, not my employer's

Return to Top
#1747665 - 10/09/12 05:00 PM Re: Approved, Not Accepred or Denial Many Hats
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
The applicant didn't withdraw. They didn't accept the counteroffer which is a denial.
_________________________
I'm fixin' to fix that.

Return to Top
#1747666 - 10/09/12 05:03 PM Re: Approved, Not Accepred or Denial Many Hats
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 9,088
OK
Anything short of the loan closing in your bank's name after making a counteroffer is a denial. The applicant can't "withdraw" after you've denied credit on the terms applied for and instead make a counteroffer.
_________________________
I'm fixin' to fix that.

Return to Top
#1747674 - 10/09/12 05:16 PM Re: Approved, Not Accepred or Denial Many Hats
TMatt87 Online
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,984
Idaho
You're correct. I used the wrong verbiage.
_________________________
All opinions are my own, not my employer's

Return to Top
#1747690 - 10/09/12 05:53 PM Re: Approved, Not Accepred or Denial Many Hats
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Okay...so now I am confused....bottom line: If the applicant did not accept the counter offer (which was issued on 9/20), the HMDA action taken date would be 10/5 (the date the applicant did not accept the offer)???

Or, is the action taken date 10/9 (the date the bank closed the file)??

And, should the bank have issued a final denial notice on 10/9?

Return to Top
#1747694 - 10/09/12 05:55 PM Re: Approved, Not Accepred or Denial Many Hats
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,841
If the bank issued a combined counter/denial notice on 9/20 the HMDA action taken date would be 9/20. If the bank did not use the combined notice, you would need to send an AAN now and the action taken date would be the date on the AAN.

And you'll report the action type as denied and the loan amount as the amount originally applied for (not the amount of the counter).

Return to Top
#1747699 - 10/09/12 06:01 PM Re: Approved, Not Accepred or Denial Many Hats
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
The counter-offer did not list reasons why the request wasn't granted as applied...it just had the counter-offer details. So, essentially, they should have issued a denial notice specifying the reasons for denial.

Return to Top
#1747728 - 10/09/12 06:40 PM Re: Approved, Not Accepred or Denial Many Hats
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,841
Correct.

Return to Top

Moderator:  SMQ, CRCM