Answer:
You would deny the application under the adverse action rules (1002.9(a)) or follow the incomplete application rules (1002.9(c)).
Refer to 1002.9(a) and (c): https://www.bankersonline.com/regulations/12-1002-009
Loan Status when Docs Pending
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Question:
Under Reg B notification requirements, when an applicant is advised their application is approved pending additional documentation, (i.e. bank statements, insurance policies, loan payoff information, etc.) is this considered an approval or incomplete application under Reg B?
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