Question

A lender must notify applicants of the action taken on their credit request within _____ days after receiving a completed application.

A. 3
B. 10
C. 15
D. 30

Answer 1

A lender must notify applicants of the action taken on their credit request within 30 days of receiving a completed application, in accordance with the Equal Credit Opportunity Act.

Step-by-step explanation:

The question pertains to the notification period a lender is required to adhere to after receiving a completed credit application from an applicant. According to the Equal Credit Opportunity Act (ECOA), the lender must notify applicants of the action taken on their credit request within 30 days after receiving a completed application. This notification can include approval, counteroffer, denial, or a notice that additional information is needed.