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#2062576 - 02/04/16 09:56 PM home improvement and collateral is destroyed
river girl Offline
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Joined: Nov 2004
Posts: 1,005
we code as HI so that isn't the question.
HI secured by cash out on auto.
Original request $12000. We countered with $8000.
They accepted. Before we get loan documents signed, the auto is totaled.
Code as ??
They put a 2 - approved but not accepted but I don't think that is correct. And which $ amount do I use?
Thoughts are appreciated.

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#2062582 - 02/04/16 10:10 PM Re: home improvement and collateral is destroyed river girl
raitchjay Offline
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Joined: Oct 2009
Posts: 8,728
OK
Code as denied. They didn't accept the counteroffer, as the loan didn't consummate.
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#2062583 - 02/04/16 10:11 PM Re: home improvement and collateral is destroyed river girl
raitchjay Offline
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Posts: 8,728
OK
Oh....use the original amount: $12,000.
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#2062589 - 02/04/16 10:22 PM Re: home improvement and collateral is destroyed river girl
raitchjay Offline
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Joined: Oct 2009
Posts: 8,728
OK
Basically, once you extend a counteroffer, "approved not accepted" is off the table. Either you'll code it as "loan originated" if it originates; or "denied", if it doesn't.
_________________________
I'm fixin' to fix that.

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#2062595 - 02/04/16 10:35 PM Re: home improvement and collateral is destroyed river girl
Colorado Girl Offline
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Joined: Mar 2013
Posts: 67
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Paragraph 4(a)(8).
1.
Action taken—counteroffers. If an institution makes a counteroffer to lend on terms different from the applicant’s initial request (for example, for a shorter loan maturity or in a different amount) and the applicant does not accept the counteroffer or fails to respond, the institution reports the action taken as a denial on the original terms requested by the applicant.

I agree with you RJ; because the original requested amount and terms were not approved, and there wasn't an origination, this is a denial for $12,000.

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#2062603 - 02/04/16 11:17 PM Re: home improvement and collateral is destroyed raitchjay
river girl Offline
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Joined: Nov 2004
Posts: 1,005
Thank you

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