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#1690452 - 04/19/12 04:22 PM Adverse Action Denial Reasons
avpbanker64 Offline
Member
Joined: Apr 2012
Posts: 56
Kentucky
Can someone please answer the following?
If an applicant drops off an application and the loan officer notices that the applicant is 17 years old, what reason should we use? Also, may a loan request be denied for "unemployed" if they have that on their credit application?
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#1690470 - 04/19/12 04:38 PM Re: Adverse Action Denial Reasons avpbanker64
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
1. Assuming the applicant at age 17 is not emancipated or has not reached the age of majority under state laws you can deny them based on not being of age to enter into a legal contract.

2. Unemployed - do you require someone to be employed to qualify for a loan or just to be able to show the capacity to repay the loan? IOWs are you denying them due to unemployment or due to insufficient income?
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The opinions expressed are mine and they are not to be taken as legal advice.

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