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July 15, 2015
All About Escrows
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Business or Consumer Purpose, That Is the Question!
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How to Complete the Closing Disclosure
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#1688780 - 04/13/12 03:06 PM Line of Credit Suspension Notice
CRL Offline
Gold Star

Registered: 09/09/03
Posts: 343
Does anyone know if there is a requirement to add an ECOA Notice to a Line of Credit Suspension Notice? We are trying to create a document to send to a borrower, and have seen a couple examples, some with and some without the ECOA language.

And is it possible anyone has a standard Line of Credit Suspension Notice they would be willing to share? Our loan docs/servicing does not have such a thing...


Edited by CRL (04/13/12 03:28 PM)

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Lending Compliance
#1688975 - 04/16/12 10:14 AM Re: Line of Credit Suspension Notice [Re: CRL]
Dan Persfull Offline
10K Club

Registered: 08/28/02
Posts: 42224
Loc: Bloomington, IN
If you are taking adverse action you must include the ECOA notice. No exceptions. If you are unsure if you are taking adverse action then review its definition in 1002.2 and its Commentary.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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