Credit Score Notice after Loan Closes
Question: We obtain a credit score with the credit report when we take applications for mortgage loans. We send the credit score notice to the customer the same day that we get it. If the loan closes more than three months after we took the application, we obtain another credit report, with credit score. Do we have to send another credit score notice?
Answers: No. You only need to send one credit score notice. The one that matters is the first one. That is the score that will influence your underwriting and pricing decisions. Obtaining a score later, even if it is before the loan closes, does not trigger a new notice requirement.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 13, 11/05
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