Thread Options
#2096647 - 09/01/16 06:27 PM Date to use for Approved not accepted application
JoAnne Offline
Platinum Poster
Joined: Feb 2001
Posts: 795
Michigan
What date should be used for an Approved but not accepted application?

1 - the date the application was approved by the bank?
2 - the date the customer said he wasn't interested in pursuing the application - evidenced with email?
_________________________
Opinions posted are not necessarily those of my employer.

Return to Top
HMDA

   
HMDA Academy
#2096657 - 09/01/16 06:46 PM Re: Date to use for Approved not accepted application JoAnne
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
#2. That's when the final 'action' was taken on the file.
_________________________
You call it ADD. I call it multi-tasking.

Return to Top
#2096690 - 09/01/16 08:16 PM Re: Date to use for Approved not accepted application JoAnne
Moman Offline
Platinum Poster
Joined: Jul 2004
Posts: 505
WA
At another bank I worked at, we used formal commitment letters that contained an expiration date. We used that date to kill the loan unless the customer indicated so at an earlier date. Some of these just linger around forever, and having the expiration date gave us a bright line for that purpose.

Return to Top
#2096852 - 09/02/16 06:08 PM Re: Date to use for Approved not accepted application JoAnne
Colorado Girl Offline
Member
Joined: Mar 2013
Posts: 67
From the Getting It Right:
5 Action taken date—approved but not accepted. For a loan approved by an institution but not accepted by the applicant, the institution reports any reasonable date, such as the approval date, the deadline for accepting the offer, or the date the file was closed. Although an institution need not choose the same approach for its entire HMDA sub mission, it should be generally consistent (such as by routinely using one approach within a particular division of the institution or for a category of loans).

Return to Top

Moderator:  SMQ, CRCM