An Adverse Action Notice (AAN) is a formal notice that some lenders are required to send when they choose not to move forward with an application, or when an applicant is offered different terms than they originally requested. The AAN provides specific reasons for the decision, ensuring transparency and allowing applicants to understand the factors that influenced the lender's decision.
What is an Adverse Action Notice (AAN) or Notice of Adverse Action (NOAA)?
Updated over 6 months ago