Calendar of Events

Providing Accurate and Timely Adverse Action Notices

07/16/2018, 1:30 PM to 3:30 PM

No location provided

Amy Davis adavis@msbankers.com 601-948-6366

Description:

Providing Accurate and Timely Adverse Action Notices


Presented by Jack Holzknecht
Monday, July 16th, 2018
1:30 pm - 3:30 pm CT


COVERED TOPICS

  • The adverse action notice requirements of both the Equal Credit Opportunity Act (Regulation B) and the Fair Credit Reporting Act;
  • How to complete the model adverse action form;
  • The rules for providing notices to multiple borrowers;
  • The rules for determining who provides the notice in situations with multiple creditors or a broker and an investor;
  • Proper handling of counteroffers, and withdrawn and incomplete applications;
  • Timing rules for adverse action notices;
  • How to select the correct reasons for denial;
  • Rules for commercial loans;
  • The differences between applications, completed applications and inquiries, prequalifications and preapprovals;
  • When an adverse action notice is needed for a deposit account;
  • Listing credit scores for adverse action versus the HMDA LAR;
  • Who is listed as the credit bureau where the credit report is obtained from an aggregator who includes three credit scores from three different companies; and
  • Common errors in completing adverse action notices.
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