We have a new mobile home program where a new consumer loan officer works with mobile home dealers who refer potential applicants (NOT indirect lending). Anyway, LO will take telephone application and decision loan same day. Some are denied due to "Credit score too low for amount requested", "Income insufficient for amount of credit requested", "Limited credit experience".
But a "Notice of Action Taken and Counteroffer" is sent giving them 30 days from date of AAN/Counteroffer for "Maximum loan amount of $XX,XXX.XX - that loan amount will bring DTI down", "Will loan up to 85% of collateral value", "Would reconsider with acceptable co-signer".
If the applicant does not respond at the end of the 30 day period, is the Action Taken date the date of denial or the date the counteroffer expired?
Thanks in advance.