Introduction to Mortgage Origination Examinations Training eBook

Internal Use Only

Notice of Incompleteness

What to look for as an examiner: • Provided within 30 days of receiving incomplete application? • Identify specific information needed by creditor? • Provide a reasonable amount of time for borrower to provide information needed?

Internal Use Only

FCRA – Adverse Action Requires creditor to disclose when it has based its decision on information from a source other than the applicant or its own files. Requires creditor to disclose a credit score used in taking adverse action & related information, including up to four key factors that adversely affected consumer's credit score (up to five factors if the number of inquiries made is a key factor).