We made a construction loan and at the same time we approved a perm loan. At the end of the construction period the borrower decided to go with another lender for the perm loan. Since a credit decision was made I don't think I can use Code 4 so I am thinking we should record as an approved not accepted. Am I right?

yes, report approved but not accepted.

I agree.

Thanks, TR and Dan.

I have a different twist on this question. What if I have a construction/perm. application that I deny or is withdrawn, do I report at all? We have a contract and appraisal, but no street address or build location.

I want to say "no house, no HMDA", but am not sure that is correct.

bump

Do you have a pre-approval program? If so then you have a reportable pre-approval denial if you denied the request. Withdrawals are not reportable under pre-approval reporting requirements. If you have no pre-approval program you probably could classify this as a pre-qualification, which are not reportable.


BTW, how can you have an appraisal if you have no "build" location? How would the appraiser be able to determine land value without the "build" location?