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#2247101 - 01/04/21 04:48 PM Withdrawn or Closed for Incompleteness
Likes to Comply Offline
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Joined: Nov 2008
Posts: 1,049
In the mountains
The applicant was sent a Notice of Incomplete Application that indicated the file would be closed on 7.8.20 if we did not receive the requested items. The LO also called the applicant on 7.8.20 for a status update and the applicant stated they wanted to withdraw the application. Do we report the application was withdrawn or it was closed for incompleteness?
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#2247104 - 01/04/21 05:04 PM Re: Withdrawn or Closed for Incompleteness Likes to Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,637
Galveston, TX
Flip a coin - just make sure it lands on the same side for every similar circumstance.
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#2247120 - 01/04/21 06:51 PM Re: Withdrawn or Closed for Incompleteness Likes to Comply
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Diamond Poster
Joined: Nov 2008
Posts: 1,049
In the mountains
Thanks!
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#2247122 - 01/04/21 07:11 PM Re: Withdrawn or Closed for Incompleteness Likes to Comply
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,612
I agree with Randy that you should be fine either way but, as I'm sure you know, I'll add that you will want to have a clear paper trail in the file for your auditors. If your auditors see a notice of incompleteness sent to the applicant, but the filed was coded as withdrawn, your auditors will want to see evidence of the borrower's desire to withdraw.
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#2247258 - 01/06/21 04:31 PM Re: Withdrawn or Closed for Incompleteness Likes to Comply
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,557
Cape Cod
That "evidence" can be as simple as a dated annotation in the file that the customer was called on [date] and the customer requested that the application be withdrawn.
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