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#2086527 - 07/05/16 01:08 PM Loan Approved/Puchase fell through
Cat Lover Offline
100 Club
Joined: Jun 2016
Posts: 147
We have an application to purchase a home, we had approved the deal but the purchase feel through. Is that approved but not accepted or withdrawn when reporting?

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#2086533 - 07/05/16 01:27 PM Re: Loan Approved/Puchase fell through Cat Lover
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
South Louisiana
From GIR Page A-3:

Applications can only be expressly withdrawn BEFORE a credit decision is made.

So your application is approved, not accepted.

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#2086538 - 07/05/16 01:40 PM Re: Loan Approved/Puchase fell through Cat Lover
Cat Lover Offline
100 Club
Joined: Jun 2016
Posts: 147
Thank you.

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#2087493 - 07/12/16 12:13 PM Re: Loan Approved/Puchase fell through Cat Lover
Cat Lover Offline
100 Club
Joined: Jun 2016
Posts: 147
I have one in which the customer was ready to close, but the seller cancelled the contract and customer had to withdraw the request.

He had originally applied for 1.2 million and was approved for 1million.

Would this still be reported as approved by not accepted?

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#2087530 - 07/12/16 02:35 PM Re: Loan Approved/Puchase fell through Cat Lover
JSD Offline
Platinum Poster
JSD
Joined: Oct 2000
Posts: 512
USA
Was the 1M a counteroffer? If so when a CO loan request does not closed, it is reported as Denied.

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#2087581 - 07/12/16 05:27 PM Re: Loan Approved/Puchase fell through Cat Lover
Cat Lover Offline
100 Club
Joined: Jun 2016
Posts: 147
He had accepted the counteroffer and we were days from closing, when the seller changed his mind.
So I have a counteroffer, accepted by borrower but now there is no loan to be closed. Is it a "approved but not accepted instead of a denial?

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#2087582 - 07/12/16 05:32 PM Re: Loan Approved/Puchase fell through Cat Lover
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
If a counteroffer does not result in an originated loan, it is reported as a denial (it reverts to the denial portion of the counteroffer notice). A counteroffer only has those two possible outcomes...originated loan or denied application.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#2087587 - 07/12/16 05:46 PM Re: Loan Approved/Puchase fell through Cat Lover
Cat Lover Offline
100 Club
Joined: Jun 2016
Posts: 147
Thanks.

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