AC010 Applications in Process at the beginning of the Period: This must match last quarters Applicatons in Process at the end of the previous period. We talked about this in a previous blog.
AC020 Applications Received: is the applications that you have received this period. When I say "this period" I mean the period we are reporting. If we are reporting 2018 Q4 that is the last three months of 2018 October, November, December. So both AC010 and AC020 are added together as your Application Pipeline. These numbers are positive numbers.
AC030 Applications Approved but not Accepted: This will subtract applications from your pipeline. These are Applications that have been Approved but the borrower has not accepted the offer of the loan. So this will be subtracted from your Application Pipeline.
AC040 Applications Denied: These are applications that were denied by the lender. This number is also subtracted from the Application Pipeline. It is a negative number.
AC050 Applications Withdrawn: These are applications that were canceled by the borrower. This is yet another negative number that subtracts from the Application Pipeline. Hey NMLS, Why do you have to be so negative? :-)
AC060 File Closed for Incompleteness: I have no idea why they use the term "Closed" here. It has nothing to do with the loan being closed. This is rather confusing to many of my clients. But basically these are forgotten applications that have been canceled in the system because the application process was never fully completed. I usually use this section to help balance out the applications in process between the quarters. Usually this is where the missing applications belong. The big question usually is which quarter were these incomplete applications canceled? It doesn't really matter... they were canceled and we don't want them in the Application Pipeline anymore. This too is another subtraction from your Application Pipeline.
AC062 Pre-Approval Requests Denied: These are pre-approval applications that have been denied.
AC064 Pre-Approval Requests Approved but not Accepted: The application was pre-approved but the borrower decided not to accept the offer of the loan. Subtracted from the Application Pipeline.
ACO65 Net Changes in Application Amount: This can be a positive or negative number. This is used if the applications in process at the beginning of period has a matching count but the dollar amount is different. This usually is because the loan amounts that the borrowers are applying for have changed.
AC066 Total Application Pipeline: This number must match AC090
AC070 Loans Closed and Funded: These are the applications that have become closed and funded loans. These loans are then entered into the Closed Loan Data below.
AC080 Applications in Process at the End of the Period: These are the left over applications that are still in process. They have not been subtracted by any of the above categories. These are applications that will go through to the beginning of next quarter.
Again if you have any questions or if you would like to hire someone to do your MCR reports for you that's what we are here for!
Happy MCRing!
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