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We have an application on the system since 11/08/2012 and was approved on 11/20/2012. The approval was given verbally and no approval letter was sent so there is no expiration date.
We have been waiting for the customers to increase their flood coverage from $30,000 to $80,000. The customers have decided to dispute their flood policy with FEMA which will take a considerable amount of time. We would like to get rid of this open application, but are unsure how to code it.
Would it be approved not accepted?
Would it be withdrawn?
Or would it be denied since they will not meet the conditions of the loan at this time? Would the denial reason then be other?
Was the loan conditionally approved on the basis that the customer would obtain the proper amount of flood insurance? If that’s the case and you’re still waiting on them, I’d consider this a denial.
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