What do lenders need to give when taking adverse actions against consumers?
Flip flashcard to reveal answer
The correct answer is...
specific and accurate reasons for the action.
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Who oversees banks, savings associations, and credit unions?
Flip flashcard to reveal answer
The correct answer is...
the CFPB.
Next card
Why are loan applications often denied?
Flip flashcard to reveal answer
The correct answer is...
the borrower's debt-to-income ratio
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What does the Notice of Right to Receive a Copy of Appraisal tell consumers?
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The correct answer is...
the right to receive a copy of the appraisal upon completion.
1.9 Flashcard Deck
Amanda Ukasick
Created on November 27, 2024
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Transcript
What do lenders need to give when taking adverse actions against consumers?
Flip flashcard to reveal answer
The correct answer is...
specific and accurate reasons for the action.
Next card
Who oversees banks, savings associations, and credit unions?
Flip flashcard to reveal answer
The correct answer is...
the CFPB.
Next card
Why are loan applications often denied?
Flip flashcard to reveal answer
The correct answer is...
the borrower's debt-to-income ratio
Next card
What does the Notice of Right to Receive a Copy of Appraisal tell consumers?
Flip flashcard to reveal answer
The correct answer is...
the right to receive a copy of the appraisal upon completion.