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#2245884 - 11/25/20 04:01 PM Reg B - Denial
Anonymous
Unregistered

Is it required to include a loan amount on an adverse action?

Scenario:
Customer applies for a consumer installment loan to purchase tractor. Requested loan amount is left blank on application. Loan Officer runs credit and it shows several collection items (totaling above policy threshold) so loan is denied based on "Collection Action or Judgement". The description of account is "Installment Loan".

Now, an external auditor is considering this a finding because the amount requested was not indicated on the Notice of Action Taken.

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#2245886 - 11/25/20 04:11 PM Re: Reg B - Denial Anonymous
M Cockrell Offline
Diamond Poster
M Cockrell
Joined: Jan 2003
Posts: 1,028
Dallas, TX
Response: "Show me the regulation/requirement."
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"Remember no man is a failure who has friends." - Clarence (the Angel) Oddbody - It's a Wonderful Life

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#2245908 - 11/25/20 09:50 PM Re: Reg B - Denial Anonymous
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,356
Florida
What does your loan or fair lending policy say should be in the notice?
Like above, "show me the reg I violated"
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Integrity. With it, nothing else matters. Without it, nothing else matters.

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