Get 04 Loans Originated Approved, Not Accepted App Denied App Withdrawn Files Closed For Incompleteness

A financial institution reports that the file was closed for incompleteness if the financial institution sent a written notice of incompleteness under Regulation B, 12 CFR 1002.9(c)(2), and the applicant did not respond to the request for additional information within the period of time specified in the notice before ...

Incomplete application - denial for incompleteness. When an application is incomplete regarding information that the applicant can provide and the creditor lacks sufficient data for a credit decision, the creditor may deny the application giving as the reason for denial that the application is incomplete.

If the applicant fails to respond to the written notice, there is no further action needed on the part of the financial institution and the action taken would be “file closed for incompleteness”.

File closed for incompleteness means that the loan application process was closed by the institution due to incomplete information.

3. Incomplete application - denial for incompleteness. When an application is incomplete regarding information that the applicant can provide and the creditor lacks sufficient data for a credit decision, the creditor may deny the application giving as the reason for denial that the application is incomplete.

Approved but Not Accepted should be used when the institution approves the application (subject to customary commitment or closing conditions) but the applicant fails to respond within the specified time OR when all underwriting conditions have been met but the applicant expressly withdrew before the loan is ...

One is a notice of adverse action; the other is a notice of incompleteness. The notice of incompleteness must be in writing and must specify the information the bank needs if it is to consider the application; it must also provide a reasonable period of time for the applicant to furnish the missing information.