When you deny a loan, you are required to send an Adverse Action Notice. Regulation B goes on to state:
1) you must disclose the principal reasons for the denial; and,
2) the reasons must be specific. While this may seem pretty straightforward, there is often a lot of confusion, or maybe just a general misunderstanding, as to what this entails.
David explains more in the video.
Published
2021/04/26