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#2075413 - 04/25/16 02:05 PM Notice of Adverse Action
Joanna Offline
100 Club
Joined: Sep 2013
Posts: 102
If a consumer is denied based on "excessive obligations in relations to income" would the key factors be listed?

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#2075539 - 04/25/16 06:58 PM Re: Notice of Adverse Action Joanna
Joanna Offline
100 Club
Joined: Sep 2013
Posts: 102
Would we even send an adverse notice for this reason? Since the reason isn't due to their score, would we send a different letter stating excessive obligation?
Last edited by PJ3124; 04/25/16 06:59 PM.
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#2075546 - 04/25/16 07:10 PM Re: Notice of Adverse Action Joanna
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,403
Is your consumer underwriting decision based strictly on credit score?

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#2075552 - 04/25/16 07:28 PM Re: Notice of Adverse Action Joanna
Joanna Offline
100 Club
Joined: Sep 2013
Posts: 102
We have a matrix we follow with the credit score...if it's to the lower side secured or unsecured then we would do DTI.

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#2075603 - 04/25/16 11:03 PM Re: Notice of Adverse Action Joanna
TMatt87 Offline
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,939
Idaho
We do send the notice with the denial reasons when we decline for excessive obligations based on the fact that we used the credit report to determine the level of obligations. If you use the credit report in any way in your decision, you must report the reasons for denial.
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