3.33- Explain Adverse action scenarios

In finance terms, the adverse action refers to the notice sent by the lender to the borrower for the denial of mortgage application.

Following can be some scenarios for adverse action:

(1) Incomplete Loan application

(2) Low credit score

(3) Missing employment history

(4) Being unable to verify information on the Loan Application

Related Topics: What is the Definition of “adverse action” What is a Credit Score Uniform Residential Loan Application Documents Required for a Home Loan Application

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