Finance
A lender who denies a mortgage application must provide the applicant with:
AA personal explanation of the decision
BAn adverse action notice explaining the reasons for denial, under ECOA and FCRA✓ Correct
CA referral to another lender
DA refund of all fees paid
Explanation
Under ECOA and the Fair Credit Reporting Act (FCRA), lenders who deny credit must provide the applicant with a written adverse action notice stating the reasons for the denial.
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