There is no distinction in Reg B between purchases and refinances, but there is a requirement that action be taken on applications within 30 days after receipt of application. That requirement applies to all applications.
Pre-approval/Notice of Incompleteness/Denial (CD)
Are mortgage lenders required to issue a credit decision (conditional approval or Pre-approval or notice of incompleteness or denial) on purchases and a commitment letter on refi's within 30 days of application? We have a purchase of new construction file that sat for 4 months while construction finished with no credit decision.
First published on 04/09/2017