Fair Housing
What is an 'adverse action notice' under ECOA in Nevada lending?
AA notice required when a lender raises interest rates
BA written notice required when a creditor takes adverse action (denies credit, changes terms unfavorably) on a loan application, stating the specific reasons for the adverse action✓ Correct
CA notice required before a Nevada foreclosure
DA required disclosure at the start of the loan application process
Explanation
Under ECOA and Regulation B, a lender must provide an adverse action notice within 30 days of denying a loan application or taking other adverse action, stating the specific reasons. This allows the applicant to understand the decision, correct errors, and identify potential discrimination.
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