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#2017554 - 06/02/15 02:05 PM Denial based on co-signer
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
What is required in a denial when you deny a loan because the co-signer is bad and you end up making the loan with a new co-signer that has adequate credit? Who gets a denial based on the initial denial? TIA
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#2017616 - 06/02/15 04:04 PM Re: Denial based on co-signer HRH Okie Banker
Adam F Offline
Gold Star
Adam F
Joined: Apr 2013
Posts: 411
VA
My understanding would be the first co-signer would received a adverse action notice and that would be it. The applicant was basically made a counteroffer to do the loan with a "qualified" co-signer and accepted this counteroffer. This is the way I see it at least.
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It is better to act cautiously beforehand than to suffer afterward.

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

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#2017663 - 06/02/15 05:49 PM Re: Denial based on co-signer HRH Okie Banker
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Great. Thank you.
_________________________
Just working here until I get my letter from Hogwarts.

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