Mortgages Analyzed
Mortgages Analyzed
Mortgages Analyzed
 
Adverse Action Letter

What is Adverse Action Letter?

Definition
Adverse Action Letter is a notification from the lender to the loan applicant(s) informing them of an adverse action on their loan application, such as decline of a loan application.
What It Means
Adverse Action Letter is issued by a lender when it declines a loan application, terminates an existing loan account, makes an unfavorable change in the terms of an account, or refuses to increase the credit limit when applied for by the borrower.
Other Names
Notice of Adverse Action
Category
Document

Related Terms

  • ECOA Notice: ECOA Notice is a disclosure statement that informs the loan applicant that the lender is prohibited from discriminating against loan applicants on the... Read More
  • Notice of Incompleteness: Notice of Incompleteness (NOI) is a letter from the lender to the loan applicant to request the applicant to provide documentation or information that... Read More
  • Pre-Approval Letter: Pre-Approval Letter conveys the lender's approval to provide a loan to a borrower of up to a certain amount based on the lender's evaluation of the in... Read More
  • Decline Letter: Decline Letter is a type of adverse action letter where the lender informs the loan applicant(s) of the lenderís decision to decline their loan applic... Read More
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