Finance
A New Mexico buyer's loan application is denied. Under the Equal Credit Opportunity Act (ECOA), the lender must:
AOnly tell the buyer the application was denied
BProvide a written adverse action notice within 30 days, stating the specific reasons for denial✓ Correct
CRefer the buyer to another lender
DApprove the loan if the buyer appeals
Explanation
ECOA requires lenders to provide written adverse action notices within 30 days of denial, stating specific reasons. This allows applicants to understand and potentially correct issues with their application.
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