Not sure how to report this...

I have a loan request for home improvement on a home. The comments on the file state "Value, credit and DTI all acceptable, however, loan was not taken to loan committee for their approval. Conditional approval was contingent on value and committee approval." ARGH! How do I report this?

What happened when the request went to committee for approval. Was it declined, approved or was it withdrawn before it made it there?

I think we need a little more information to be able to help you out.

Disregard this one. I misread your comments at first.

This is really weird. It's like they said everything looks good, but we are not going to do anything with this one. Very strange.

I would get in contact with the loan officer and get some more information. This makes no sense.

(Probably why I misread it the first time.)

Exactly...

Only thing that makes sense to me, based on what you state, is that the collateral value maybe wasn't there. In any case, it sure sounds like a denial. Was an AAN sent?

Sounds like this was not handled properly, with the correct resolution. If the loan could not be made, the file must reflect that, and if denied an adverse action notice issued.

Go to the lender (or whomever the appropriate party is) and have them document what occurred, issue an AAN if denied, and report it accordingly.

And train.

So was this loan denied or still pending?