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#2125018 - 04/04/17 08:19 PM Loan Amount
George Offline
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Joined: Apr 2016
Posts: 364
Have a file we closed/denied due to imcompleteness. Home equity loan for home improvements. Original request was for $35K, but then later stated MIGHT need $60K...and that was the last we ever heard from the borrower. Should I report the 35 or 60? I am leaning towards 60, but not sure since that wasn't a definite (could have been more, could have been less).

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#2125023 - 04/04/17 08:27 PM Re: Loan Amount George
raitchjay Online
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OK
Did you amend the application to $60k or no? I just don't think you can leave it at "might"--you either amended it to $60k or you left it alone.
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#2125046 - 04/04/17 09:53 PM Re: Loan Amount George
George Offline
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On the physical paper app, the 1003, we marked out the original $35,000 and wrote "unknown." On our presentation, the loan amount is "unknown," except for in our comments section; which is where it talks about the potential $60,000.

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#2125080 - 04/05/17 01:33 PM Re: Loan Amount George
raitchjay Online
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Then i would go back to the $35,000--you can't report "unknown" and $35,000 is the only hard figure you ever used, evidently.
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