CFPB TRID Sec. 15.2 - What happens if the consumer withdraws the application or the creditor determines it cannot approve it?

Compliance > Regulation Z - TILA / TRID Specific > General Info
Q:  What happens if the consumer withdraws the application or the creditor determines it cannot approve it?
 
A:  If the creditor denies the consumer’s application or if the consumer withdraws the application before the end of the three-business-day period, the creditor need not provide the special information booklet. (§ 1026.19(g)(1)(i); Comment 19(g)(1)(i)-3)
 
 
This information can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

Add Feedback