I'm guessing you have a similar system as we do in that your underwriters will approve the loan subject to an CLTV under 70% once an appraisal comes in. If that's not what you guys do and they actually have an appraisal when they fill out their approval, ignore the rest of this.
We report the actual CLTV in these situation because at some point, somebody came in after the appraisal was done and confirmed the LTV was in fact below 70% (i.e. 68.35). That way it matches the property value we have as well. It becomes even more obvious when the underwriter approves in subject to LTV under 80% and the actual LTV is under 50%. You can try to make the arguement that CLTV relied on is the level set by the underwriter, but your examiners will question you about it just like your auditors are.