We are doing a loan denial on an investment property (non owner occupied) due to collateral. Is a Notice of Appeal required along with the Adverse Action Notice? Thanks

For the purpose of reviews conducted by the Mortgage Review Boards, “residential mortgage loan denial” is
defined as the denial of an extension of credit to finance or refinance the purchase of a first lien on residential property
located in the Commonwealth of four units or less and occupied in whole or in part by the mortgagor.

https://www.mass.gov/files/documents/2017/12/13/Mortgage%20Review%20Boards.pdf

Thank you!!