What must be provided to loan applicants after a notice of action taken?

When a loan application is denied or an adverse action is taken, regulations require that a written notice detailing the action taken must be provided to the applicants. This notice typically includes important information such as the decision made, the date of the action, and the contact information for the lender. The purpose is to ensure transparency and give the applicants a clear understanding of the status of their loan application.

While options suggesting a reason for the action or providing documentation outlining the loan terms may be important in other contexts, they do not satisfy the specific requirement tied to a notice of action taken. Thus, providing a written notice is the fundamental obligation that lenders must fulfill to maintain compliance with lending regulations and to support applicants in understanding their options moving forward.