The Loan Rejection Letter is a crucial document in New Zealand's financial services sector, used when a financial institution decides not to proceed with a loan application. It must be drafted in accordance with New Zealand's financial regulations, particularly the Credit Contracts and Consumer Finance Act 2003 and the Responsible Lending Code. The letter serves multiple purposes: communicating the rejection decision, providing legally compliant explanations for the rejection, protecting the institution from potential legal challenges, and guiding applicants on their next steps. It should maintain a professional and respectful tone while being clear and unambiguous about the decision and its reasons.
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1. Recipient Details: Full name and address of the loan applicant
2. Application Reference: Unique reference number and date of the original loan application
3. Decision Statement: Clear statement of the rejection decision
4. Primary Reason: Main reason for the loan rejection, stated professionally and clearly
5. Contact Information: Institution's contact details for any queries
6. Next Steps: Information about what the applicant can do next, including reapplication timeframes
1. Additional Reasons: Secondary factors that contributed to the decision, used when multiple significant factors led to rejection
2. Credit Report Information: Details about credit reporting agencies used, included when credit score was a factor
3. Alternative Options: Suggestions for alternative financial products or services, included when appropriate alternatives are available
4. Appeals Process: Information about how to appeal the decision, included when an appeals process exists
5. Financial Counseling Resources: Information about free financial counseling services, included when rejection is related to financial circumstances
1. Summary of Credit Assessment: Brief overview of key factors considered in the assessment, attached when required by regulations
2. Information Sheet: Standard information about credit rights and financial counseling services
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Credit Unions
Mortgage Lending
Consumer Finance
Business Lending
Microfinance
Peer-to-Peer Lending
Relevant Teams
Lending
Credit Assessment
Risk Management
Compliance
Legal
Customer Service
Operations
Retail Banking
Commercial Banking
Document Processing
Relevant Roles
Loan Officer
Credit Analyst
Lending Manager
Compliance Officer
Risk Assessment Manager
Customer Service Representative
Branch Manager
Financial Services Manager
Credit Manager
Underwriter
Legal Counsel
Consumer Credit Officer
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