The reasons for denying credit can differ across the Equal Credit Opportunity Act (ECOA/Regulation B) and the Home Mortgage Disclosure Act (HMDA)/(Regulation C). This Quick Compliance Guide (QCG) cross-references reasons for denial under ECOA with coding under HMDA. As an added bonus, we have included when to use which reason and additional industry best practices.
QCGs are a great training supplement as well as a handy checklist when drafting and/or reviewing your adverse action notices. Each topic is presented logically and broken down in a convenient and easy to follow manner. Great for compliance officers, auditors and lending staff!