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#1384653 - 04/30/10 08:42 PM Adverse Action Notice
KatrinaPhillips Offline
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Joined: Mar 2010
Posts: 9
When a customer cancels a loan application before we even pull credit is an adverse action notice needed?

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General Discussion
#1384758 - 05/01/10 04:08 PM Re: Adverse Action Notice KatrinaPhillips
Here4Life Offline
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Joined: Feb 2010
Posts: 116
I would say it is a withdrawn application.

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#1384760 - 05/01/10 04:33 PM Re: Adverse Action Notice KatrinaPhillips
ktac MITCH Offline
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ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
Originally Posted By: KatrinaPhillips
When a customer cancels a loan application before we even pull credit is an adverse action notice needed?

The bank did not take " Action that was Adverse to the Applicant" = No notice required
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My opinions are just that, and might be worth what you paid for them.

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#1384933 - 05/03/10 04:05 PM Re: Adverse Action Notice ktac MITCH
starfish Offline
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starfish
Joined: Jun 2003
Posts: 416
Seattle
As long as you did not communicate any adverse action to the borrower, than no notice is required. But, for example, if you had an application and you looked at it and said you won't qualify based on your income or some other type of information in the application, you would need to send an adverse action under Regulation B.

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