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#2070262 - 03/21/16 06:55 PM Reg. B notification confusion
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 241
I'm sorry if this is a basic question, but I stay confuse on these types of situations. Lender took an application and the applicants passed underwriting. However, a survey is suppose to be conducted soon on the property. We are waiting on the survey before we order the appraisal. We will go over our 30 day notification time frame. The lender did tell the applicant they are "conditional" approved but subject to the survey, appraisal and title work.

So, what do we do now...
- Wait for the survey. We no longer have a time frame because we told the applicant that they were approved.
- Send a letter of incompleteness, and give them two weeks to provide the survey. If they don't, the loan will be denied.

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#2070266 - 03/21/16 07:03 PM Re: Reg. B notification confusion Dodge
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
This: Send a letter of incompleteness, and give them two weeks to provide the survey. If they don't, the loan will be denied.

But I most likely would give them longer than 2 weeks since a survey is involved.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2070270 - 03/21/16 07:26 PM Re: Reg. B notification confusion Dodge
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 241
Thank you for your help!

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