Under FACTA, would a Notice To Home Loan Applicant and associated credit score information be necessary on a loan to finance construction of the consumer/borrower's primary residence?
Can our Lending department use a credit report from our mortgage department to offer a pre-approval Home Equity to a customer? Is there a section in the FACT Act that addresses this and can you refer me?
Under the FACTA, if a residential mortgage loan applicant has no credit score (a non-resident alien, for example), would the Notice to Homeowner and disclosure requirement be waived?
If we do not report any negative information for loans or credit cards what parts of FACTA are important for us to comply with?
During several phone seminars regarding the FACT Act, reference has been made to a provision on the Act which will deal with requiring procedures for "employee misconduct investigations." However, now that regulations have started coming out re: the FACT Act, this reference to "employee misconduct investigations" seems to have vanished from the lists of what is or will be covered by the FACT Act regulations. Could you clear this up for me?
Add "V" to Your Regulatory Alphabet
by Mary Beth Guard
The FACT Act gives consumers a right to a free copy of their credit report once each year.
The bad guys never seem to sleep. No sooner is the fraud protection information about FACTA beginning to float around than someone has figured out how to use the idea to create a scam.
What is compliance and how much is enough? The recent publication of the FAQs on the CIP rule provide some implicit guidance on where to draw the line.
FinCEN and the bank regulatory agencies have issued answers to frequently asked questions about the CIP rule. The answers don't contain any surprises and demonstrate a great deal of common sense.