First, I recommend that all application be closed using the HMDA Action Codes (even if not HMDA) using the KISS theory. Then this application would not be "withdrawn" because a credit decision was made.
If the applicant justs requests a loan and it is approved at your "standard" rate and the applicant goes away for a better rate, it would be Approved, Not Accepted.
If the applicant requests 4% APR and you are unwilling to give that rate, it would be a denial.
Very few, if any, files would be closed as "withdrawn".
Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.