Action takenâ€”application approved but not accepted. Now, if that is not the case and it truly isn't a denial, then you need to look at what HMDA says about ANA vs WD and underwriting/creditworthiness conditions compared to customary commitment/closing conditions:ģ. The bottom line is that if you get a low appraisal back or have other factors where you know you can't do the loan on substantially the same terms as applied for, you have a denial on your hands and owe the applicant an Adverse Action Notice. The examiners said it was absolutely a denial as they were not going to grant credit on substantially the same terms as applied for and then cited the bank for both violations of Reg B (for not providing a denial notice) as well as violations of HMDA (for reporting the wrong action). I just got the appraisal back and the value is $175,000, so.' Mr Customer says 'Well then, never-mind.' Lender: 'Just send that to me in writing.' In this case, the bank argued that 1) since a credit decision was not made and 2) since the customer had expressly withdrawn (by providing the withdraw request in writing), it could not be a denial. Customer, we needed your appraisal to come in at $250,000. The conversation basically went like this: 'As you recall, Mr. For example, I saw a bank where lenders were 'steering' applicants to withdraw when the appraised value came in low. If an appraisal comes in low and you refuse to grant credit on substantially the same terms as applied for, then you have technically denied the loan even if your lender gets something in writing saying they (apparently) withdrew.

One thing to look into is whether or not some of these files are actually denied files.

Title insurance binder