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Adverse Action Notice

Home Forums Equal Credit Opportunity Act/Regulation B Adverse Action Notice

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  • #2388
    Lexegay
    Participant

    If we have loans that are withdrawn by the customer or loan originated but not accepted do these require an Adverse Action Notice?

    #2764
    JGo9
    Participant

    Lexegay,

    Reg B 202.9(e) addresses withdrawals of approved applications:

    (e) Withdrawal of approved application. When an applicant submits an application and the parties contemplate that the applicant will inquire about its status, if the creditor approves the application and the applicant has not inquired within 30 days after applying, the creditor may treat the application as withdrawn and need not comply with paragraph (a)(1) of this section.

    When the application is just a plane withdrawal you should use the Adverse Action Notice. It is a filled out differently than a denial as it will be a notice of withdrawal.

    I hope this helps you.

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