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Reply To: Prequalification App Closed for Incompleteness

Home Forums Equal Credit Opportunity Act/Regulation B Prequalification App Closed for Incompleteness Reply To: Prequalification App Closed for Incompleteness

#12483

kowsley
Keymaster

According the Regulation B, a prequalification becomes an application when the lender evaluates information about the consumer, decides to decline the request, and then communicates that decision to the customer. If a decision was not made then the prequalification hasn’t become an application and there is no violation of Regulation B.