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"Other" Reason

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Question: 
If you deny an application because the applicant cannot get clear title on the property what reason would you use on the denial notice (would you create an “Other” reason)?
Answer: 

If the applicant is denied credit due to an issue not dictated by the specific reasons on the model Adverse Action Notice, the “Other” category may be utilized. This category should be completed as specifically as possible; i.e., applicant could not achieve clear title to property.

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Learn more about Jack Holzknecht’s Providing Accurate and Timely Adverse Action Notices webinar.

First published on 11/14/2021

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