Reissue of Credit

IF a loan is denied as a refinance because the transaction was really a purchase can you use the same credit report from the refinance file for the purchase file?

I’m not sure if I understand your question, but here goes:

If you sent an adverse action notice denying the loan as a “refinancing” transaction when in actuality, it was a “purchase” transaction and you are wanting to resend a AAN to show the correct transaction type, then there is no reason you cannot use the same credit report (why would your want to pull another report to correct a clerical error). I would send a “we goofed” letter in identifying the transaction if this is what you are wanting to do. I’m not even sure if it is necessary.

On our AANs we simply put “Your home loan request in the amount of $xxxxx”. We don’t identify it as a purchase or refinance on the AAN.

If you denied it as a refinance, and now are approving it as a purchase, then again (depending on your internal loan policy, and the requirements of your investors, for the age of a CBR) you can still use the same report.