10/27/2024
We are transitioning to a new loan software program and have noticed the Negative Information Disclosure document provided at closing is not providing a signature line for the borrower to sign. Our current loan software has the signature line that isn't removable so we have always assumed it was required. I cannot find any information in the regulation that a signature is required. 1) Is a signature required and 2) If it is not required to obtain signature, is it required that we retain a copy of it with the closing package to show examiners it was provided at closing? It just seems odd from what we have always seen and would like to know if we should request a signature line be added.
10/20/2024
As part of an initiative to be able to sell to secondary market we need to set up reporting to all credit bureaus. Currently we only report to Equifax.
I am wondering if there are any compliance concerns if we only report to all bureaus for some loans (mortgage loans) and not others (in house branch originated) or mortgages vs. other loan types, commercial vs consumer, etc?
07/07/2024
Are lowside and highside tracking used with credit bureau score decisioning, or does that just apply to decisioning with a custom pooled data scorecard? If so, what are appropriate thresholds?
05/21/2023
How many years should Deed in Lieu of Foreclosure coding stay on a credit report? Our customer is referring to the Rocket Mortgage website which states 4 years but I can't find confirmation on any of the credit bureau websites or CDIA/metro II guide.
11/06/2022
Our lender input the wrong customer information and pulled a credit report. How do we handle this application this loan now that we have pulled credit? Can it be "withdrawn - taken in error" and submit a form to have credit bureau pull corrected?
08/14/2022
Credit Reporting Loans to Minors
07/12/2015
What regulations cover information for furnishers of credit information to CRAs. FCRA appears to cover the majority of it, but there is one section of Reg B (1002.10) that covers the requirements for reporting spouses. Are there any other regs that discuss the requirements of the furnishers of credit information?
01/26/2015
Under the Fair Credit Reporting Act, if a direct dispute is deemed to be frivolous or irrelevant, the Bank shall notify the consumer of such determination not later than 5 business days after making such determination. Do you have a sample of the frivolous or irrelevant notice, or can you indicate where one can be found?
05/26/2014
When a customer files bankruptcy, can we report the loan as being charge off or does it have to be as bankruptcy?
05/12/2014
When pulling a credit report on a consumer request, can we give the customer a copy of the full credit report or are we only allowed to give them a copy of the credit score disclosure?