Think of the purpose of the AAN. It conveys both the fact that a request has been denied and the reason (or an invitation to ask for the reason) for the denial. This applicant thought he had a second chance under different terms, whether or not the first response was an actual counteroffer. The lender changed its mind and denied the applicant that chance, probably for a good reason that hasn't yet been conveyed to the applicant. Yes, a new AAN is needed.
Edited by John Burnett (03/22/18 09:36 AM)
Edit Reason: clarity
John S. Burnett
Professional Compliance Nerd since 1976
Bankers' Threads User #8