Hello BOL World,
I am hoping some of you can share your knowledge on this topic.
Background: Our bank owns a mortgage subsidiary. I am reponsible for compliance at the bank as well as the mortgage subsidiary. One hot topic at the subsidiary is the tracking and disposition of files for adverse action purposes. The investors do not send out AA notices so we cover that side.
My question has to do with the expiration of a prequalification letter (we do not have a preapproval program). Our investors state that a credit report is only good for 90 days, so our procedure has been to mark a prequalification file as incomplete after 90 days unless credit is pulled again to verify no changes. Does anyone know of any guidance with respect to this?
As always, your assistance is appreciated.
Garret01
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Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.
CRCM