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#1689910 - 04/18/12 04:12 PM Proof of Tax Lien Satisfaction
Believing... Offline
Gold Star
Joined: Apr 2012
Posts: 346
In the mountains
Would proof that a tax lien has been satisfied be considered a "customary loan-commitment or loan-closing condition with respect to clear-title requirements? The lender conditioned approval upon the applicant providing proof but did not send NOIA. The applicant later withdrew his request, stating he needed to further pursue the matter. Should the action taken be approved not accepted, or would this be considered failure to meet underwriting requirements--and thus a denial?

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#1690292 - 04/19/12 01:44 PM Re: Proof of Tax Lien Satisfaction Believing...
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Tax liens, judgments, etc would affect the ability to get clear title. So I would agree clearing those items would fall in the "customary" column and if a conditional approval was provided then for HMDA purposes it would be an approved but not accepted.


However, for Reg B purposes you have a denial due to collateral and need to send an AAN. You wouldn't agree to make the loan as applied for without the property liens being satisfied.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1690334 - 04/19/12 02:25 PM Re: Proof of Tax Lien Satisfaction Dan Persfull
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Joined: Apr 2012
Posts: 346
In the mountains
Thanks, Dan!

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