On a consumer purpose, closed-end, residential RE loan, it's my understanding that if we decline it within 3 days of application, we are not required to send the Loan Estimate.
What are the notification requirements for the adverse action? Is the bank required to send the notification letter within the 3 days, or just communicate to the customer within 3 days (keeping the 30-day notificaiton requirement per Reg B)? Or, can the bank just document the denial withing their system, and then just make sure we send the notification letter within the 30-days?
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