Mateo is trying to buy a house and applied for a mortgage. He received a notice that the bank had turned him down for a loan. He wonders if there is some mistake because he has been saving up him money and he knows that he can afford the house. Does the potential lender have to tell him why he was turned down?
(1 point)
Responses
a No, it is totally the lender’s decision.
b Yes, usually within 60 days if he requests this information.
c No, most loans require that consumers waive that right.
d Yes, the reason must be included with the rejection letter.