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#2251635 - 03/31/21 07:59 PM TBD No response
MortComp Offline
New Poster
Joined: Nov 2020
Posts: 6
Since a TBD is not a HMDA (Reg C) file, if we do not have a response after a certain time is it acceptable to withdraw it in our LOS? Or can you just cancel it?

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Lending Compliance
#2251639 - 03/31/21 08:17 PM Re: TBD No response MortComp
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,249
Bloomington, IN
Do you track and retain your denied applications outside your LOS?
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2251640 - 03/31/21 08:19 PM Re: TBD No response MortComp
MortComp Offline
New Poster
Joined: Nov 2020
Posts: 6
Yes we track and retain our denied applications.

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#2251648 - 03/31/21 08:45 PM Re: TBD No response MortComp
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,249
Bloomington, IN
If you don't use the LOS for tracking the denials and the loan is not subject to HMDA reporting then whether you remove it from the LOS is up to you.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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