Thread Options
#2016956 - 05/29/15 03:29 PM Not sure how to report this...
Relax Offline
Platinum Poster
Joined: Jul 2007
Posts: 571
I have a loan request for home improvement on a home. The comments on the file state "Value, credit and DTI all acceptable, however, loan was not taken to loan committee for their approval. Conditional approval was contingent on value and committee approval." ARGH! How do I report this?
_________________________
"I like a little rebellion now and then. It is like a storm in the atmosphere." -Thomas Jefferson

Return to Top
HMDA

   
HMDA Academy
#2016959 - 05/29/15 03:39 PM Re: Not sure how to report this... Relax
NSF, CRCM Offline
Gold Star
NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
What happened when the request went to committee for approval. Was it declined, approved or was it withdrawn before it made it there?

I think we need a little more information to be able to help you out.


Disregard this one. I misread your comments at first.
Last edited by NSFW; 05/29/15 03:42 PM.
_________________________
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

Return to Top
#2016967 - 05/29/15 03:45 PM Re: Not sure how to report this... Relax
NSF, CRCM Offline
Gold Star
NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
This is really weird. It's like they said everything looks good, but we are not going to do anything with this one. Very strange.

I would get in contact with the loan officer and get some more information. This makes no sense.

(Probably why I misread it the first time.) smile
_________________________
It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

Return to Top
#2016969 - 05/29/15 03:50 PM Re: Not sure how to report this... NSF, CRCM
Relax Offline
Platinum Poster
Joined: Jul 2007
Posts: 571
Originally Posted By NSFW
This is really weird..... This makes no sense.

(Probably why I misread it the first time.) smile


Exactly...
_________________________
"I like a little rebellion now and then. It is like a storm in the atmosphere." -Thomas Jefferson

Return to Top
#2016974 - 05/29/15 04:03 PM Re: Not sure how to report this... Relax
raitchjay Online
Power Poster
Joined: Oct 2009
Posts: 8,669
OK
Only thing that makes sense to me, based on what you state, is that the collateral value maybe wasn't there. In any case, it sure sounds like a denial. Was an AAN sent?
_________________________
I'm fixin' to fix that.

Return to Top
#2016976 - 05/29/15 04:06 PM Re: Not sure how to report this... Relax
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Sounds like this was not handled properly, with the correct resolution. If the loan could not be made, the file must reflect that, and if denied an adverse action notice issued.

Go to the lender (or whomever the appropriate party is) and have them document what occurred, issue an AAN if denied, and report it accordingly.

And train.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top
#2017104 - 05/29/15 07:35 PM Re: Not sure how to report this... Relax
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
So was this loan denied or still pending?
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top

Moderator:  SMQ, CRCM