Our process is to take the information from the consumer and enter it into our system. They could get approved at that time, however usually supporting documentation would be needed. If approved they may walk out of the office with a letter stating as such. Sometimes we may never hear from the customer again, which they are considering a w/d? We feel this is truly a denial based on incomplete application.
I guess my question is can anyone give me a generalzation about the above referenced terms, or a good reference? Thanks
#78196 - 05/07/0302:51 PMRe: Definition of RE Application
Anonymous
Unregistered
is it really an approval or is it provided from somekind of desktop underwriter system that my require specific docs to complete the application. how can you have an actuall approval without having a complted app...so if we never hear back from the customer it is considered closed for incompletness. So my question is this a pre-qual??
Don't forget that if the loan request is HMDA reportable, you can only report it as an incomplete loan if you had sent the applicant a notice of incompleteness requesting the missing information by a specific date.
#78198 - 05/07/0306:16 PMRe: Definition of RE Application
Anonymous
Unregistered
In our case they get a a pre-approval letter that outlines the items,, but we may not have a property,, what if we don't hear back and don't have a property to report...(this is a mortgage sub of a bank, all of our transactions would be hmda...)
I think Janet was saying that if you don't send a notice of incompleteness with a "drop dead" date you can't use the action taken code of "5" on your HMDA-LAR.
#78201 - 05/09/0307:06 PMRe: Definition of RE Application
Anonymous
Unregistered
I am also in need of some kind of definitions,, does anyone have some definitions..I have read the definitions in Reg. C, B, Z and Respa,, I need a drink after that..