Finance
A Washington lender denies a mortgage application. Under the Equal Credit Opportunity Act (ECOA), the lender must provide the applicant with:
AA verbal explanation only upon request
BA written adverse action notice stating the specific reasons for denial within 30 days✓ Correct
CAn opportunity to reapply with different terms before denial is final
DA referral to another lender
Explanation
ECOA requires lenders to provide written adverse action notices to applicants within 30 days of an adverse action (such as denial). The notice must state the specific reasons for the adverse action.
Related Washington Finance Questions
- Washington State does NOT have which of the following taxes?
- In Washington, a 'wraparound mortgage' involves:
- The Truth in Lending Act (TILA) right of rescission allows a borrower to cancel a refinance mortgage on their primary residence within:
- A Washington seller is willing to carry back a purchase money deed of trust to help the buyer finance the purchase. This arrangement is called:
- Washington's Real Estate Excise Tax (REET) is paid by:
- Washington's Real Estate Excise Tax (REET) uses a tiered rate structure. For sales above $3 million, the rate is:
- Which type of loan program is specifically designed to help Washington veterans purchase homes with no down payment?
- Under Washington's Deed of Trust Act (RCW 61.24), the non-judicial foreclosure process requires a minimum notice period before the trustee's sale of:
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →