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Reg B Verification of Income and Assets

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For Reg B purposes we require a verification of income and of assets to have a "completed application." If we receive an appraisal for a lower than expected amount, if the loan was already approved would this prompt a counteroffer if we can't use the original terms that we offered based on the verification of income and verification of assets?

Whether you choose to counteroffer is up to you. Regulation B does not require that a creditor provide a counteroffer. It just provides the requirements, if you choose to do so.

First published on 05/21/2017

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