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Notice of Adverse Action
#1
When is a Notice of Adverse action required when the borrower applies for a loan?
 
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#2
A mortgage loan approval does not guarantee that the mortgage lender will issue a 100% clear to close. A mortgage lender can revoke a mortgage commitment until the day of closing if there are adverse action on behalf of the mortgage loan borrower. Adverse action include borrower quitting their jobs, not having enough funds to close, borrower taking on more debt where they no longer meet debt to income ratio requirements, and other negative factors that came up during the mortgage loan approval process.

 
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