Notice of Incomplete App

Do we need to send anything like a notice of incomplete app on a commercial loan? From what I know, the loan has been pre-approved just waiting on property address from customer.

Thanks.

If you have pre approved them, then the ball is in their court. Reg B says you have to let them know. If you told them "We can make you a loan up to $x. Let us know when you find a house" then you have met Reg B requirements. If you want to put a time constraint on them, issue a NOI with a "drop dead" date. If they don't respond by then, you're done.

Either way you look at it, there's no regulatory requirement on you. You're waiting on them.

mdog, agree with David.
One other reason to give them a date is that the credit docs usually expire. If they go on too far, the loan may have to be re-written