Finance
A Maryland borrower's loan application is denied. Under the Equal Credit Opportunity Act, the lender must:
AOnly inform the borrower verbally
BProvide the borrower with written notice of the denial and the specific reasons within 30 days✓ Correct
CProvide an alternative loan product automatically
DFile a report with MREC
Explanation
ECOA requires lenders to provide written notification of credit denial with specific reasons within 30 days of the application, allowing the applicant to correct any inaccurate information.
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