Second Review for Denied Applications
Answer by Randy Carey, BOL Guru Guru Bio
Question: Is a second review required for denied applications for real estate secured loans (first mortgage and/or home equity), and if so, which regulatory guideline or law mandates the review?
Answer: There is no regulatory or statutory mandate for a second review on any type of denied loan. However, many banks have implemented a second review process on all denied loan applications as part of their fair lending processes to assist in mitigating any fair lending risks.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
