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#2012784 - 05/07/15 05:18 PM Joint Applicants
SMali Offline
Joined: Jan 2014
Posts: 73
We have joint applicants that have applied for a mortgage. One of the applicants has a prior bankruptcy and no current credit. However, the other applicant can qualify for the loan by themselves. So do we need to provide an Adverse Action Notice to the applicant that does not qualify, correct? Or is this technically a counteroffer they are accepting?

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#2012816 - 05/07/15 06:10 PM Re: Joint Applicants SMali
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,630
Bloomington, IN
The applicant that qualifies may accept the counteroffer and if they do consummate the loan no AA was taken against them, however there was AA taken against the applicant that did not qualify and they would be entitled to an AAN.
The opinions expressed are mine and they are not to be taken as legal advice.

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