The Automated Adverse Action Notice service (A3N) is a compliance enhancement tool that reduces reliance on Loan Officers for critical compliance and regulatory tasks. Working in concert with Mortgage PreFlight, or as a stand-alone service, the optional Automated Adverse Action Notice service simplifies compliance requirements for non-viable applicants. Every non-qualifying consumer receives the following disclosures automatically:
• Adverse Action Notice (declination letter) based on your minimum mid FICO score requirements
• FACTA mandated Risk Based Pricing Disclosure
• Notice to Home Loan Applicant
Independent 3rd Party Validation
New compliance requirements can seem overwhelming. The Automated Adverse Action Notice service relieves some of that burden. We scan every credit report request and identify those consumers failing to meet your customized minimum requirements. A3N then automatically issues all the covered disclosures via 1st Class US mail.
A3N includes the same best-practice standards used in all of Credit Technologies’ automated disclosure notification programs including detailed audit logs and certifications confirming:
• The date and time each disclosure was mailed
• An electronic image of the disclosure
• The exact location of each notice within every tray
• Proof of delivery and acceptance by the USPS
Compliance ≠ Loan Officers
Stop worrying if your Loan Officers are issuing the required notifications and if you could adequately document compliance in the event of audit or legal action. A3N reduces the burden on your processing staff, improves your compliance process and provides the needed documentation to support any audit.
For more information on A3N, Mortgage PreFlight or any other Credit Technologies products and services, click the "Live Chat" link to the left and explore the possibilities with a business analyst today!
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