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Have to do LE if Decline Within 3 Days? TRID

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Question: 
If you receive an application on 3-20-17 and the loan app. is applicable to TRID, do you have to do the LE if you decline within 3 days.
Answer: 

3. Denied or withdrawn applications. The creditor may determine within the three-business-day period that the application will not or cannot be approved on the terms requested, such as when a consumer's credit score is lower than the minimum score required for the terms the consumer applied for, or the consumer applies for a type or amount of credit that the creditor does not offer. In that case, or if the consumer withdraws the application within the three-business-day period by, for instance, informing the creditor that he intends to take out a loan from another creditor within the three-business-day period, the creditor need not make the disclosures required under § 1026.19(e)(1)(i).

First published on 04/16/2017

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