05/13/2013
We had a customer wanting to know if she could qualify for 100% financing. We had her sign a credit authorization. Her scores were not high enough to qualify for the 100% financing. We did not take an application - adverse action necessary?
04/22/2013
We would like to start charging for credit report fees at our financial institution. Are there any fair lending considerations that we should be aware of (especially where pulling joint credit bureau reports is concerned)?
04/15/2013
We would like to start charging for credit report fees at our financial institution. Are there any fair lending considerations that we should be aware of (especially when pulling joint credit bureaus is concerned)?
02/04/2013
In 2002 a co-signer signed the Promissory Note and was given proper disclosures however, the co-signer's credit report, financials, or tax return were not submitted or pulled at the time of the loan request. In 2002, what were the rules for co-signers in regards to this?
10/22/2012
We are looking to renew a loan from two individuals (spouse is recently deceased) to a trust. We have reason to believe that the deceased spouse has a significant amount of debt. Do we still have the right to pull a credit report even though they will not be on the loan?
08/27/2012
If an applicant starts to apply for a mortgage loan online and early in the process authorizes a credit bureau to be pulled but then never submits the application, are we required to do anything with the information such as send a letter of notice of incomplete application and report on HMDA LAR or is this considered an inquiry that never resulted in a HMDA application?
08/13/2012
Where in the Good Faith does the credit report fee need to be if the lender pays for this fee?
07/30/2012
When a business applies for a loan 'for the business' what paperwork would prompt the lender that the business allows the institution to run a credit report on the business owners?
07/23/2012
Does the Fair Credit Report Act apply to Business accounts?
07/09/2012
Assumption: A credit report was pulled on our customer on January 25, 2012 and a loan was funded at that time. The customer comes back on April 14, 2012 to get another loan. Question: If we used the same credit report originally pulled on January 25, 2012 to base our approval on the second loan, should the loan Officer send the customer a second Credit Score Exception Notice using the same information that was given to the customer on January 25, 2012. Should each new loan have a "new" Credit Score Exception Notice as part of the loan package? Our officers are just copying the "old" notice and inserting it the new loan package? Our LaserPro documentation allows us to put the date of the new loan application (04-14-2012) but the officer is just copying the old notice with the application date of the original note?