Federal Mortgage LawsQuestion 5 of 400
After a lender takes adverse action on a completed mortgage application, within how many days must the applicant receive notice under ECOA?
a.10 days
b.15 days
c.30 days
d.60 days
Explanation
ECOA (Regulation B) requires that a notice of adverse action on a completed application be provided within 30 days of the decision. The other intervals do not match the ECOA adverse action timing standard. This notice must include the reasons for denial or a statement of the right to request them.
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