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.
Reg B Verification of Income and Assets
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?
First published on 05/21/2017