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#2227149 - 12/10/19 10:58 PM Outstanding application
Love those Regs Offline
Gold Star
Joined: Apr 2002
Posts: 290
Southern State
Loan Officer took an application on August 29th and credit was pulled for a customer who was having a custom built vehicle and our intent was to make the loan and that fact was verbally given to the applicant. The vehicle is still not completed and therefore, we have not closed on the loan. Just how long can we "sit" on this request? Our loan policy states the credit report cannot be more than 6 months old so we have a lot of room still before that is considered stale. Reading through Reg B, we gave notification within 30 days but nothing has happened since other than the applicant informing us that the vehicle is still not finished.

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Lending Compliance
#2227153 - 12/11/19 01:58 AM Re: Outstanding application Love those Regs
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
You can”sit”on it as long as you’d like. It’s purely up to your bank policy.
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David Dickinson
http://www.bankerscompliance.com

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#2227157 - 12/11/19 12:39 PM Re: Outstanding application Love those Regs
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,965
Galveston, TX
If your policy is that you have re-underwrite the loan after 6 months, I would be sending a courtesy letter with a drop dead date for action to make sure the customer is fully informed.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2227174 - 12/11/19 03:24 PM Re: Outstanding application Love those Regs
Love those Regs Offline
Gold Star
Joined: Apr 2002
Posts: 290
Southern State
Thank you, both.
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Opinions are mine and subject to change frequently

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