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davidqin21 · Joined: 21 Nov 2009 Posts: 1 1.43 Dollars($)

my loan officer told me my loan denied in oral, she said by law i will receive a formal notice within 3 days from the lender to explain why, however, i received the letter is 8 days after with postmarked. since it took up to 8 days, the seller couldn't wait he just enter another contract. i want to find out Within how many days by law to formally notice the borrower by written his loan denied after the first oral notice?

jenkin7 · Posted: Sat Nov 21, 2009 2:40 am Post subject:

Hi David,

As far as I know, lenders are required by the Equal Credit Opportunity Act to provide you with the reasons for denial of the loan within 30 days. They needs to do this in writing and the reasons should not be vague. In case you still do not understand why your loan was denied, you can always contact the lender.

gmakerley · Posted: Sat Nov 21, 2009 12:44 pm Post subject:

i agree with the 30-day stipulation.

david, you do not need to post the same question over again. please be patient and try not to produce duplicate entries. of course, this goes for everyone.

Guest

"If A is a success in life, then A equals x plus y plus z. Work is x; y is play; and z is keeping your mouth shut." - Albert Einstein !

What do you think ?

gmakerley · Posted: Wed Dec 23, 2009 10:05 am Post subject:

i think albert einstein was a genius, but that there are more elements to success than simply those 3.

eric1 · Posted: Wed Dec 23, 2009 2:34 pm Post subject:

I highly doubt that he ever said that.

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