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#2270955 - 05/26/22 08:04 PM AAN needed for request to lower rate.
joeball Offline
100 Club
joeball
Joined: May 2004
Posts: 170
Bluegrass State
A borrower sent in a written request to lower their interest rate on their HELOC. My question is if we decide not to lower the rate does this require the AAN?

I know Reg. B says notification is required 30 days after taking adverse action on an existing account, but what if we take no action on this request. I assume the lender will inform them of whether or not we will lower the rate but just wasn't sure if it the AAN.

Thanks.
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Lending Compliance
#2270960 - 05/26/22 08:49 PM Re: AAN needed for request to lower rate. joeball
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,341
Galveston, TX
Did you accept it as an application and are determining if they qualify for a rate reduction?
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