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#2253317 - 04/30/21 10:24 PM Re: denied/counteroffer mtg loan application pjs
JC (Darth HMDA) Offline
Diamond Poster
JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
Im resurrecting this thread as I am having the same question and this was absolutely fantastic to read through.

I have always taken the conservative approach as well. I agree that it is required under FCRA if based on a consumer report - and is debatable whether required under Reg B. I believe that it would be required for a removed (denied) applicant for the reasons others have stated.

Has there been any updates to your opinions the last couple of years? Thanks gurus!
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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Lending Compliance
#2253324 - 05/01/21 03:57 PM Re: denied/counteroffer mtg loan application pjs
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,658
No changes in opinion here. The conservative way that avoids potential criticism is to just send the AA Notice. That said, if you forgot to send one, I think David's points still offer a valid argument (assuming FCRA doesn't also apply) as a Hail Mary to argue with auditors/examiners and potentially avoid a violation/finding.
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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#2253344 - 05/03/21 02:19 PM Re: denied/counteroffer mtg loan application pjs
JC (Darth HMDA) Offline
Diamond Poster
JC (Darth HMDA)
Joined: Dec 2013
Posts: 1,399
CA
Thanks Adam. Have always followed the conservative route. Thanks!
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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