As lenders, we gather information from applicants – both consumer and commercial - to support their request for credit.  provide us with documentation to support their loan request. In our evaluation, we validate this information based on our underwriting/Loan Policy, and/or Investor guidelines.  

The outcome is not always a positive one and saying no can be difficult.   Added to what can be an uncomfortable discussion is our requirements to provide written notification to applicants. Knowing who your applicant(s) is/are is also key so that this sensitive information is provided to the correct individuals.  In addition to clearly stating the reasons for denial, there are timing and formatting requirements that must be met.

Join me for this webinar as I talk you through the steps that must be followed under both Regulation B and FCRA. I will walk you through the requirements as well as go through the requirements for notification based on the identification of your applicant(s). During the webinar we will cover the following:

• Regulation B
  1. Defining an Application
  2. Co-borrowers, co-signers, guarantors
  3. Application Stages
  4. Notification Timing and Content
• FCRA
  1. Permissible Purpose
  2. Denial Rules
  3. Credit Score Disclosure