Introduction to Mortgage Origination Examinations Training eBook

Internal Use Only

“Application” Under ECOA

Completed Application means: • Application in which creditor has received all the information the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested. • Creditor shall exercise reasonable diligence in obtaining such information.

Internal Use Only

Adverse Action What to look for as an examiner: • Was the disclosure provided timely? • Did the disclosure contain all required elements including: o Statement of action taken? o Name & address of creditor? o Name & address of federal agency that administers compliance with respect to the creditor?