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Properly Handling Inquiries

Answered by: 

Question: 
What is the proper way to respond to an inquiry about a loan?
Answer: 

Banks are encouraged to provide information to someone inquiring about a loan. The bank can provide information about its requirements and loan terms so a borrower can determine if those would be acceptable. However, if the bank responds to very specific qualifications of that potential borrower, it may be deemed to have made a credit decision based on oral or written information and may owe the applicant an adverse action notice.
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Learn more about Andy Zavoina’s webinar
Applications and Applicants – What you must know

First published on 08/05/2018

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