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#2183892 - 07/02/18 09:25 PM Application channel - Initially Payable
ADN Offline
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Joined: Mar 2007
Posts: 221
We do not originate loans in a third party name. We are always the creditor. If we deny, withdraw, or have an incomplete application, do we report the loan as (1)Initially Payable or (3) NA? I have read the CFPB guide, but get confused at the "had not determined at the time it took final action on the application...".

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#2183904 - 07/02/18 11:29 PM Re: Application channel - Initially Payable ADN
TMatt87 Offline
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TMatt87
Joined: May 2011
Posts: 1,984
Idaho
If you know you would have been the creditor, you report a 1, even if the application doesn't originate.
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#2184036 - 07/03/18 07:44 PM Re: Application channel - Initially Payable ADN
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I agree.
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#2184063 - 07/03/18 09:11 PM Re: Application channel - Initially Payable ADN
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
Had it closed it would have been yours, so 1 is correct. Make it 3.
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