A qualified lender that offers more than one rate of interest to borrowers must notify each borrower of the right to request a review of the interest rate charged on his or her loan no later than the time of loan closing. At the request of a borrower, the lender must:
Provide a review of the loan to determine if the proper interest rate has been established;
Explain to the borrower in writing the basis for the interest rate charged; and
Explain to the borrower in writing how the credit status of the borrower may be improved to receive a lower interest rate on the loan.
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