What Loan Amount should be reported
If I have an application of $118,000.00 loan amount an it is denied. The applicant ask for a reconsideration for the loan amount of $95,000.00 and it is also denied. What Loan Amount should be reported, the original loan amount of $118,000.00 or the reconsidered amount of $95,000.00?
Please answer my question????
We would report a denied loan for the the original amount on our LAR.
We would report the denial on the LAR for the original amount requested ($118m), but if you created a new application for the $95m request, you may have to report BOTH requests/denials on your LAR separately.