Statement of Denial
Use the Statement of Denial form to disclose the reasons why the loan application was denied. The form also discloses the use of any information obtained from outside sources and the identity of the sources. Additionally, if one of the Credit Score for Disclosure Notice checkboxes is selected on the FACT Act Disclosure input form, the credit bureau information will be populated to the Statement of Denial output form.
To Complete the Form:
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In the Date Denied field, enter the date the Statement of Denial was completed.
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In the Mailed on field, enter the date the statement will be mailed.
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In section 1, select one or more checkboxes to indicate the reason the application was denied.
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In section 2, select one or more checkboxes to disclose sources of information that contributed to the decision to decline the application. Type an Additional Statement as required.
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In section 3, type the name of the lender and their contact information. This information will print to page 3 of the Statement of Denial output form. Specifically, to the section of the form that states "If you have any questions regarding this notice, you should contact..."
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By default, this section is automatically populated with the lender information entered on the Closing Vendor Information input form.
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For loans in the Correspondent loan channel with non-delegated underwriting, your company information should be entered here (rather than the lender) since your company is acting as the Correspondent investor in these types of transactions. If enabled by the administrator using the TPO Disclosure Settings tool, your company information (as entered in the Company Information setting) will be automatically populated here.
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If authorized by the administrator, you can click the blue Lock icon and manually enter information in the field.
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In section 4, type the name and address of the federal agency that administers ECOA compliance for this credit application.
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Or, click the Address Book icon to select the agency from your business contacts.
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