Loan Denials and Other Adverse Action Notices
When a lender takes adverse action against an applicant the natural instinct is to want to get it off their desk as quickly as possible and move on to a loan(s) they can make. There’s nothing wrong with that but Regulation B and the Fair Credit Reporting Act do have something to say about it. In other words, you don’t want to move on before you meet the necessarily compliance requirements. Join David Dickinson as he walks you through the who, what, when, where and how of adverse action and denial notices. Get on the right track so you don’t get in trouble with examiners!