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#2128329 - 04/27/17 10:18 PM Dropping an applicant
WDMT Offline
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WDMT
Joined: May 2015
Posts: 33
If an applicant decides to drop out of applying for a loan but the other applicant is still moving forward, is there a HMDA Action taking place there? Do we have a withdrawal for one applicant? Is it best practice to start a new application for the remaining applicant or can we continue on with the original application and move forward with just the one applicant?
I want to make sure we are looking at all angles on this one.

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#2128331 - 04/27/17 11:45 PM Re: Dropping an applicant WDMT
rlcarey Offline
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rlcarey
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Galveston, TX
Why did they withdraw - because you told them they would not qualify with that applicant involved in the transaction?
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#2128344 - 04/28/17 12:31 PM Re: Dropping an applicant WDMT
WDMT Offline
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WDMT
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Posts: 33
The example I was given is that the couple split after applying.

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#2128355 - 04/28/17 01:05 PM Re: Dropping an applicant WDMT
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,944
Galveston, TX
In that case, I would just continue on with the amended application.
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#2128397 - 04/28/17 04:05 PM Re: Dropping an applicant WDMT
RR Joker Offline
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The Swamp
I'll second that.
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#2128399 - 04/28/17 04:08 PM Re: Dropping an applicant WDMT
WDMT Offline
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WDMT
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Posts: 33
Thank you for your feedback!

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#2131135 - 05/19/17 03:34 PM Re: Dropping an applicant WDMT
lamello2001 Offline
Member
lamello2001
Joined: Apr 2012
Posts: 59
North Carolina
Can you take off the one applicant if disclosures have already been pulled? We make the Loan Officer withdraw and start a new application if disclosures have already been pulled with both borrowers. Wondering if this is correct...

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#2131161 - 05/19/17 04:21 PM Re: Dropping an applicant WDMT
Monster Offline
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Joined: Sep 2015
Posts: 455
What "pulled disclosures" do you mean?

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#2131164 - 05/19/17 04:32 PM Re: Dropping an applicant WDMT
raitchjay Offline
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Joined: Oct 2009
Posts: 8,699
OK
If you're talking about TRID disclosures and the like...it wouldn't make any difference as far as i'm concerned. If you give an LE, one applicant withdraws on their own and the other wants to continue, i'd have no problem continuing on as an amended application. I'd simply want the file well-documented showing what happened.
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#2131175 - 05/19/17 05:24 PM Re: Dropping an applicant WDMT
RR Joker Offline
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RR Joker
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The Swamp
^^^this.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#2131290 - 05/22/17 02:17 PM Re: Dropping an applicant WDMT
lamello2001 Offline
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lamello2001
Joined: Apr 2012
Posts: 59
North Carolina
I am talking about TRID disclosures. Thank you!

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