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Can we inform an applicant that we don’t make a certain type of loan before they apply for a loan? Or would that be “discouraging” an application. In my mind, it doesn’t make sense that I would let someone apply for a loan we already know we will not make because we don’t make, for example, manufactured home loans. Or do I have to let them apply and then send them a denial notice?
Correct, you can inform an applicant that you do not offer a particular loan product they are requesting. There is no requirement that a financial institution offer all credit products.
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