3.92- What Actions an MLO must take when there is incomplete information on a TRID disclosure?

This merits a discussion of the Equal Credit Opportunity Act (ECOA) hence there are provisions in this Act. The provisions generally appertain to creditors. This Act was brought into effect through means of engaging Regulation Z. The Act also delegated the authority to the Federal Reserve Board for the purpose of stipulating Regulation Z. We must note that the ECOA was passed in October 1974 in the United States of America prescribing that discrimination on the basis of gender, race or religion etc. will not be permitted.

A notice of incompletion can be consigned as the Act authorizes it therefore the borrower can be requested for the missing information however there is a provisio in relation to this. This provisio pertains to the time limit therefore this action must be carried out within a specific period of time.

Related Topics: What is the Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002 (Regulation B)? Where is the Borrower information included on Regulation Z?

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