Start Date: 10/14/2021 1:00 PM MDT
End Date: 10/14/2021 2:30 PM MDT
An adverse action notice is designed to inform loan applicants that their application is being denied and provides the areas of concern. In addition to being informational, a loan denial triggers regulatory requirements under Regulation B and, depending on the denial reason, a Fair Credit Reporting Act notice may also be mandated.
This webinar will focus on pinpointing when an inquiry becomes an application, important timing requirements, and proper completion of the adverse action notice. Common regulator-identified errors will be explained and tips to avoid them will be provided. To help meet fair lending and Reg B compliance standards, participants will receive a tool designed to document the second review of a denied loan file. Join us as we navigate through the requirements of Regulation B and the Fair Credit Reporting Act when a loan application is denied, incomplete, or withdrawn.