We have a couple of investors that have stated that they won't purchase loans that use the old HUD-1 and GFE anymore (beginning 1/1/2016). We have a couple of construction loans that began prior to 10/3/2015 and are just wrapping up. Because the investor won't accept the old docs, and the fact that the credit report has now expired, we are cancelling these files and starting new. I hate reporting these, since final action really hasn't been taken on them, but the system will show a file cancelled in 2015. Can I consider these reinstated applications, even if the reinstated loan has a different loan number and won't have final action in the same year as the original application?

To use the reinstated option the reinstatement must take place within the same calendar year. See page D-7 of the GIR.

Well the application was reinstated (new file was opened) in 2015, the file just won't have action on it until 2016. That's where my hang-up is. I think I'm just going to take the conservative route and report the canceled filed in 2015.

Is the construction wrapping up or the application decision? What action will you report?

The construction is just wrapping up. The file has been underwritten and is just waiting on the update from the appraiser saying that the value is the same as the original appraisal (on the construction plans). So we are going to originate the loan, we just have to start a new file in our system to get the new docs.