A lender must notify the borrower of its credit decision within how many days?

The correct answer emphasizes the timeframe in which a lender must communicate its credit decision to the borrower. Under the Equal Credit Opportunity Act (ECOA), a lender is required to notify the borrower of the credit decision within 30 days of receiving a completed loan application. This timeframe applies specifically to any type of decision—approval, denial, or a counter offer.

This requirement ensures that borrowers are promptly informed about the status of their applications, which is crucial for their financial planning and decision-making. Timely communication fosters transparency and allows borrowers to understand their options or next steps, such as accepting a counter offer or exploring other lenders if denied.

Other options include nuances that may not apply uniformly. For instance, specifying only adverse decisions or making distinctions based on counteroffer acceptance introduces additional complexity that isn't aligned with the straightforward 30-day notice requirement for all credit decisions. Therefore, the clarity provided in the correct answer aligns with the legal expectations set forth by lending regulations.