Finance
A Wisconsin buyer's loan application was rejected under ECOA. The lender must provide the reason for denial within:
A7 days
B30 days✓ Correct
C60 days
D90 days
Explanation
Under ECOA, lenders must provide an adverse action notice stating the reason for denial within 30 days of the credit application.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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