A lender denies a mortgage application based partially on information in the applicant's credit report. Under the FCRA, the lender must provide adverse action notice within how many days?
Correct Answer
B) 30 days
Under FCRA Section 615, adverse action notices must be provided within 30 days of taking adverse action based on information in a consumer report.
Why This Is the Correct Answer
Under FCRA Section 615, adverse action notices must be provided within 30 days of taking adverse action based on information in a consumer report.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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A mortgage company's marketing materials prominently feature families with children and use phrases like 'perfect for growing families.' The company primarily advertises in family-oriented publications. This marketing approach: