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#2261907 - 11/01/21 05:37 PM Denial Reason to use
laf0915 Offline
100 Club
Joined: May 2006
Posts: 232
Application for a secondary market loan. Customer will start drawing social security income in January. Per FNMA guidelines, the loan would have to close no earlier than the month the income starts. We countered to move closing date to January on this purchase, but customer decided to go with a different lender. Am I correct that this is a denial, not a withdrawal since the counter was not accepted? I am not sure what to use as the denial reason and would appreciate any advice.

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Lending Compliance
#2261915 - 11/01/21 06:20 PM Re: Denial Reason to use laf0915
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,596
Galveston, TX
Lack of current income sounds like.
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#2261924 - 11/01/21 07:43 PM Re: Denial Reason to use laf0915
laf0915 Offline
100 Club
Joined: May 2006
Posts: 232
Thank you. One more question, what income would I use when reporting for HMDA? I assume the income without the social security added in?

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#2261930 - 11/01/21 08:02 PM Re: Denial Reason to use laf0915
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,353
Florida
The income used to make your decision.
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