If the borrower has not been approved, denied, or withdrawn within 30 days of their ECOA application, an NOI must be issued.
A NOI must be issued WITHIN 30 days, which means you can send one the day you initially speak with the borrower or anytime within the following 30 days.
You must send a NOI before the loan can be denied or withdrawn.
The 30 day NOI is designed for borrowers who have information or documents that need to be submitted to the LO. The 90 day NOI is designed for borrowers who do not have a property and need additional time to shop.
The Adverse Action Department.
The Loan Originator.