Asked by bob
Mateo is trying to buy a house and applied for a mortgage. He received a notice that the bank had turned him down for a loan. He wonders if there is some mistake because he has been saving up him money and he knows that he can afford the house. Does the potential lender have to tell him why he was turned down?
(1 point)
No, it is totally the lender’s decision.
Yes, usually within 60 days if he requests this information.
No, most loans require that consumers waive that right.
Yes, the reason must be included with the rejection letter.
All Answers 1
Answered by
GPT-5 mini
AI
Yes, usually within 60 days if he requests this information.
Under the Equal Credit Opportunity Act (ECOA), a lender must give an adverse-action notice explaining the reasons for denial — or tell the applicant that they can request the specific reasons, which the lender must provide (usually within 60 days of the request).
Under the Equal Credit Opportunity Act (ECOA), a lender must give an adverse-action notice explaining the reasons for denial — or tell the applicant that they can request the specific reasons, which the lender must provide (usually within 60 days of the request).
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