Skip to content
BOL Conferences Top Gun 23
Thread Options
#2205868 - 02/12/19 08:19 PM Changed Investor same loan file number
KTMiteComply Offline
Power Poster
KTMiteComply
Joined: Jul 2007
Posts: 3,298
only if I want to....
Hey good afternoon, Got a question that I'm unsure if I can get it out correctly. ;-) Here is the background on this file: I have a loan file that I submitted to an Investor (to sell) as a Conventional Loan. They did all the Underwriting on the loan and had conditions issued on the file etc., by the Investor. When the Appraisal came back in low, the Investor really didn't have a type program the Borrower wanted and requested to Withdraw their loan. We had a Portfolio (In House) loan that the Borrower liked, so we told the Investor the Borrower wanted to withdraw the file with them. So now I've started working on this file again to put on our Portfolio. IMO, we should start a new file# for the Portfolio loan and not keep the same file# as we did with the Investor, since we withdrew the loan with the Investor. The Investor reports the loan as Withdrawn on their LAR and then we would report this exact same loan technically on our LAR as Originated...if we still filed the HMDA LAR that is. I see it as a problem...but maybe I'm just over analyzing this situation. Thanks!
_________________________
Trust in the Lord with ALL your heart...Prov 3:5-6

Return to Top
Lending Compliance
#2205919 - 02/13/19 12:45 AM Re: Changed Investor same loan file number KTMiteComply
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,459
Florida
Is the Financial institution or legal entity identifier the same?
Don't worry what they do
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.

Return to Top
#2205920 - 02/13/19 12:49 AM Re: Changed Investor same loan file number KTMiteComply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,323
Galveston, TX
When the Appraisal came back in low, the Investor really didn't have a type program the Borrower wanted and requested to Withdraw their loan.

Not your problem, but that is a denial and not a withdrawal.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z