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:

1. (a) Provide a review of the loan to determine if the proper interest rate has been established;
2. (b) Explain to the borrower in writing the basis for the interest rate charged; and
3. (c) 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.

[69 FR 16459, Mar. 30, 2004]