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#2024010 - 06/30/15 02:33 PM Counteroffer/conditional approval???
Relax Offline
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Loan application was approved "with acceptable co-signer and an acceptable appraisal"..as notated in file. An adverse action/counteroffer was completed stating the loan would be approved "with an acceptable co-signer". How do I report this? Furthermore, the income says..TBD (to be determined)...ARGH

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#2024011 - 06/30/15 02:34 PM Re: Counteroffer/conditional approval??? Relax
raitchjay Online
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OK
Sounds like a denial to me with no income considered.
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#2024015 - 06/30/15 02:36 PM Re: Counteroffer/conditional approval??? Relax
ComplianceNerd Offline
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I would report it as a Denial and for income - NA

The loan was not extended on the original terms requested. You may have to follow up with the officer to see why the applicant did not qualify by themselves.
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#2024016 - 06/30/15 02:36 PM Re: Counteroffer/conditional approval??? Relax
Relax Offline
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The borrower did not respond to the counteroffer/conditional approval..therefore, I was going to report it as a denial but wasn't sure. And the income situation as well..
Last edited by Relax; 06/30/15 02:37 PM.
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#2024019 - 06/30/15 02:38 PM Re: Counteroffer/conditional approval??? Relax
raitchjay Online
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OK
For the record, i don't see this as a conditional approval, not with the requirement for a co-signer. I don't think you can "conditionally approve" a request on different terms than the applicant applied for.
Last edited by raitchjay; 06/30/15 02:39 PM.
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#2024021 - 06/30/15 02:39 PM Re: Counteroffer/conditional approval??? raitchjay
ComplianceNerd Offline
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Originally Posted By raitchjay
For the record, i don't see this as a conditional approval, not with the requirement for a co-signer.


Agreed!
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#2024024 - 06/30/15 02:43 PM Re: Counteroffer/conditional approval??? Relax
Relax Offline
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One more thing..there is income listed on the application, taxes/W2s in the file, and on the request for approval it says "primary source of repayment: employment income from XXX". Then on the same request for approval, it says "Debt-to-income: TBD". This is where I am confused on what to put for income..NA? or what is listed on the application??
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#2024028 - 06/30/15 02:47 PM Re: Counteroffer/conditional approval??? Relax
raitchjay Online
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OK
I'd go with the income in the file and report that.
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#2024030 - 06/30/15 02:50 PM Re: Counteroffer/conditional approval??? Relax
ComplianceNerd Offline
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Yes - if there's income in there, I'd report that. I was under the impression there wasn't any income in there at all.
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