Customer applied on 4.1.21 with a loan amount requested of $735,250. On 5.11.21, customer was verbally counteroffered a loan amount of $701,250 due to the appraisal coming back lower than expected. Customer accepted the counteroffer so the loan request continued in underwriting. Before a credit decision could be made, the customer withdrew the request on 6.7.21.
Is this reported as withdrawn and $701,250 loan amount based on the accepted counteroffered loan amount or is this a decline with a loan amount of $735,250?
I seem to remember that accepting a counteroffer kind of resets things, but this scenario doesn't quite fit the examples in the guide.
Thanks in advance for the help!
Always learning something new...