Borrower reapplies after a canceled application

A canceled application doesn't stop a borrower from applying again. There is no waiting period, and they can start a new application from your loan site at any time.

Symptom: The borrower canceled, or their application was canceled. They ask if they can apply again.

Note: Loan terms may change upon reapplying for the loan (see below for why).

The borrower previously canceled an application (or you canceled it for a reason other than fraud)

The borrower can reapply now. The hard credit pull from the first application may be used in the next application if:

• Within 30 days of the first credit pull: the system uses the same credit score. No new hard credit inquiry.
• After 30 days: the system runs a new hard inquiry.

Either way, deposit activity is recalculated from the latest data so the new loan offer may be higher, lower or the same.

The application was canceled for suspected fraud

Follow your institution's policy before you allow a new application.

The application stopped for a credit alert or credit freeze