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#1689982 - 04/18/12 05:21 PM Adverse Action Notice
Jka012 Offline
New Poster
Joined: Aug 2010
Posts: 6
LA
We have a verbal request(no written application) for debt consolidation. It is business purpose. We will not be able to approve this request based on customer's current loan history with us.
Is an adverse action notice required?

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Lending Compliance
#1689999 - 04/18/12 05:34 PM Re: Adverse Action Notice Jka012
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
http://www.bankersonline.com/regs/12-1002/12-1002-002.html

Look at the definition of an application, sub section (f).

. . . an oral or written request . . .
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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