Thread Starter: Anonymous
Title: Re: Reg B - Denial
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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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