Approved Borrower Reject or Denial

Posted By: jlroberts

Approved Borrower Reject or Denial - 09/19/19 06:29 PM

We have a loan the was approval back in February that has not closed yet due to title issues (judgement liens on the seller). The seller has not cleared the issues. I want to get this out of the pipeline. Is this an Approved - Rejected? If so, do I set the Action Date as the expiration date listed on the original commitment (March). Or is it a Denial due to ?? Unable to provide clear title, even though it's not their fault.
Any guidance would be appreciated.
Posted By: Truffle Royale

Re: Approved Borrower Reject or Denial - 09/20/19 02:16 PM

Do the borrowers want to keep this open or have they chosen a different house? If they told you they were going with a differnt property than the date of that notification to you is the action date.
Title is a normal condition so this would be Approved but Not Accepted.
Posted By: Inherent_Risk

Re: Approved Borrower Reject or Denial - 09/20/19 02:50 PM

I realize this is a HMDA question, and I agree with TR that this is ANA for HMDA, but you would still need to provide an AAN under Reg B.
Posted By: Truffle Royale

Re: Approved Borrower Reject or Denial - 09/20/19 03:43 PM

risk is right. See this thread for further discussion.