Posted By: river girl
Are these HMDA loans? - 11/01/05 12:52 AM
Marketing just informed me they are doing a 25,000 non-customer mailing. It is going to say they are preapproved for a home equity loan. It is only conditioned on the fact that nothing material changes in their credit between the receipt of the letter and the funding of the loan.
We aren't saying what they can do with the $.
Since we don't know whether they were going to purchase a home with this $ do we have to report them on the LAR?
OR if they use the loan for home improvement then we would get the LAR information for an approved / funded home improvement loan with no preapproval code since it is not purchase. Right?
We aren't saying what they can do with the $.
Since we don't know whether they were going to purchase a home with this $ do we have to report them on the LAR?
OR if they use the loan for home improvement then we would get the LAR information for an approved / funded home improvement loan with no preapproval code since it is not purchase. Right?