Credit Score Disclosure-Only on Real Estate Loans?

Answered by:

Question:

Do credit score disclosures only need to be given on real estate loans?

Answer:

The Notice to Home Loan Applicants [609(g)(1)] only applies to home loan. However, the Risk Based Pricing Notice (RBP) is required on non-home loans as well as home loan secured loans (all consumer purpose). There is a Credit Score Disclosure exception to providing the RBP notice in 1022.74(d).

First published on BankersOnline.com 4/9/12