Borrowers were pre-qualified by Bank. (credit reports; tax returns; early disclosures; rate lock) Entered a contract on a short-sale. Borrower decided to back out of the contract since the short sale approval from the lender was taking so long. The next step for the Bank would have been to order home inspection (special purpose loan program requirement) then an appraisal. If all would have proceeded - the loan would have been closed.
How should this be reported on HMDA?
Approved not accepted?
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