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AAN? We don’t make those loans.

Answered by: 

Question: 
Our lender had a request for a reverse mortgage. He provided an Adverse Action Notice, but did he have to, since we don’t offer reverse mortgage loans?
Answer: 

Reg B allows that if a credit plan is not offered by the bank but is requested, no adverse action is necessary. The bank is free to provide one, no harm no foul, but would not be faulted for not doing so.

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Learn more about Andy Zavoina’s webinar A to Z of Reg B – Basic Training

First published on 05/19/2019

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