Get Completing A Statement Of Credit Denial

Filling out the Completing A Statement Of Credit Denial form can seem overwhelming, but with clear instructions, you can navigate it with confidence. This guide will provide detailed, step-by-step assistance to help you complete the form accurately and effectively.

Follow the steps to successfully complete the form online

1. Click ‘Get Form’ button to access the form and open it in your document editor.
2. In Part 1, enter the principal reason(s) for credit denial. This section should be completed by the Underwriter as they review all submitted files. Consult the Denial Matrix for guidance on less obvious denial reasons.
3. In Part 2, provide disclosure regarding the use of information from an outside source. If the denial was based on data from a credit report, fill out the credit provider information, highlighting key factors such as payment history and debt-to-income ratio.
4. If applicable, indicate the credit score that influenced the denial decision. Ensure you check the 'Material Terms of Credit Set by Credit Score' box on the FACT Act Disclosure screen to include credit factors in the statement.
5. In Part 3, select the Federal Trade Commission from the list of business contacts for the Equal Credit Opportunity Act (ECOA) notice.
6. Provide the denial date as determined by the Underwriting department in the designated field. Enter 'Mortgage 1, Inc' in the Denied By section and input the date the statement of denial was sent to the applicant in the 'Mailed on' field.
7. Please note that a copy of the Statement of Denial must be kept in the electronic folder. This part does not require completion for the user's input.
8. Once you have completed all necessary sections, review your entries for accuracy. You can then save changes, download, print, or share the completed form as needed.

Start filling out the Completing A Statement Of Credit Denial online today to streamline your process.