3.35- What are the charecteristics of Adverse action?
An adverse action is a notice sent from the lender to the to be borrower for denying the mortgage application.This notice includes the reasons for the denial of the mortgage application. Typical reasons can include Incomplete application, Low credit score and inability to verify borrower's employment. Adverse Action notice must be sent within 30 days from the time initial application is received by the lender.
Related Topics: Components of a “notice of adverse action” What is the Definition of “adverse action” What procedure should be adopted to issue an Adverse action notice, including when multiple applicants/guarantors are on the loan request? Explain Adverse action scenarios
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