Counter Offer on Consumer Loan

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Question:

Concerning a counter offer on a consumer loan. In this case not mortgage related. To my understanding a counter offer applies when you want to change a term from the original request in order to position the borrower to grant approval. IE reduce loan amount, extend duration of term. Can a counter be used to request a co-signer /endorser to be placed on the loan. With a comment that states this loan would be granted as long as the added co-signer or guarantor is approved?

Answer:

Certainly. Say something like "We cannot approve your request but would consider with a qualified cosigner". You'll then want to list the reasons for not approving their request on the combined Adverse Action Notice/Counter-Offer. That way you don't have to send another AAN if they don't accept your counter-offer.