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#2123240 - 03/23/17 01:47 PM Denial/Counteroffer/Denial
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,054
In the mountains
A LO was declining a loan due to DTI. Was first verbally discussing it with the customer before sending out the Adverse Action Notice. The customer told the LO that they had additional income from rentals they could provide. So the LO sent out a combined Adverse Action Notice/Counteroffer declining the application due to income, but countered that the customer could provide additional proof of income for consideration.

The customer provided the additional proof of income but still did not have enough income to qualify for the loan request. Should we send out another Adverse Action notice for the decline? Or do we just document the file and have the LO call the customer to tell them verbally that their income still wasn't sufficient for the credit request?
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Lending Compliance
#2123251 - 03/23/17 02:24 PM Re: Denial/Counteroffer/Denial Likes to Comply
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,710
Bloomington, IN
"..document the file and have the LO call the customer to tell them verbally that their income still wasn't sufficient for the credit request".

That.
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The opinions expressed are mine and they are not to be taken as legal advice.

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