Posted By: WDMT
Dropping an applicant - 04/27/17 10:18 PM
If an applicant decides to drop out of applying for a loan but the other applicant is still moving forward, is there a HMDA Action taking place there? Do we have a withdrawal for one applicant? Is it best practice to start a new application for the remaining applicant or can we continue on with the original application and move forward with just the one applicant?
I want to make sure we are looking at all angles on this one.
Posted By: rlcarey
Re: Dropping an applicant - 04/27/17 11:45 PM
Why did they withdraw - because you told them they would not qualify with that applicant involved in the transaction?
Posted By: WDMT
Re: Dropping an applicant - 04/28/17 12:31 PM
The example I was given is that the couple split after applying.
Posted By: rlcarey
Re: Dropping an applicant - 04/28/17 01:05 PM
In that case, I would just continue on with the amended application.
Posted By: WDMT
Re: Dropping an applicant - 04/28/17 04:08 PM
Thank you for your feedback!
Posted By: lamello2001
Re: Dropping an applicant - 05/19/17 03:34 PM
Can you take off the one applicant if disclosures have already been pulled? We make the Loan Officer withdraw and start a new application if disclosures have already been pulled with both borrowers. Wondering if this is correct...
Posted By: Monster
Re: Dropping an applicant - 05/19/17 04:21 PM
What "pulled disclosures" do you mean?
Posted By: raitchjay
Re: Dropping an applicant - 05/19/17 04:32 PM
If you're talking about TRID disclosures and the like...it wouldn't make any difference as far as i'm concerned. If you give an LE, one applicant withdraws on their own and the other wants to continue, i'd have no problem continuing on as an amended application. I'd simply want the file well-documented showing what happened.
Posted By: lamello2001
Re: Dropping an applicant - 05/22/17 02:17 PM
I am talking about TRID disclosures. Thank you!