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Statement of reasons
Statement of reasons The Federal Equal Credit Opportunity Act (ECOA) (Title VII of the Consumer Protection Act) requires that a lender-creditor who denies an application for credit must provide the applicant with a statement of reasons, or written notification of the applicant's right to obtain a statement of reasons, within thirty days after receipt of a completed application for credit.
RELATED TERMS--------------------------------------
Credit
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
Application
The form used to apply for a mortgage loan, containing information about a borrower’s income, savings, assets, debts, and more.
Statement
A detailed record of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, check fees, service charges, ATM activity, etc.
SIMILAR TERMS--------------------------------------
State and Local Housing Programs
Unique housing finance programs to assist first time home buyers and low to moderate housing groups.
Statement
A detailed record of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, check fees, service charges, ATM activity, etc.
Statement of information
Statements provided to the escrow agent verifying pertinent data identifying the grantor, grantee, or borrower.
Statute
A law established by an act of a legislature.
Statute of frauds
State law (founded on ancient English law) which requires that contracts must be reduced to written form if it is to be enforced by law.
Statute of limitations
A law barring all right of redress after a certain period of time from the moment when a cause of action first arises.
Statutory law
The laws, rules and regulations enacted by legislatures and other governing bodies.
Statutory lien
An involuntary lien, includes tax liens, judgment liens, mechanic liens, etc.
Statutory redemption
The right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges.
PREVIOUS AND NEXT TERMS--------------------------------------
Stare decisis
The reliance of courts on previous decisions when judging disputes.
Starter home
A dwelling that is relatively small and inexpensive and bought as a first home.
State and Local Housing Programs
Unique housing finance programs to assist first time home buyers and low to moderate housing groups.
Statement
A detailed record of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, check fees, service charges, ATM activity, etc.
Statement of information
Statements provided to the escrow agent verifying pertinent data identifying the grantor, grantee, or borrower.
Statement of reasons
Statute
A law established by an act of a legislature.
Statute of frauds
State law (founded on ancient English law) which requires that contracts must be reduced to written form if it is to be enforced by law.
Statute of limitations
A law barring all right of redress after a certain period of time from the moment when a cause of action first arises.
Statutory law
The laws, rules and regulations enacted by legislatures and other governing bodies.
Statutory lien
An involuntary lien, includes tax liens, judgment liens, mechanic liens, etc.
This dictionary contains 6433 terms. |
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