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#1845965 - 08/26/13 07:04 PM Notice to Home Loan Applicant ("NHLA")
JamesH Offline
Member
Joined: Jun 2008
Posts: 50
With regards to section 609(g) - (g) Disclosure of Credit Scores by Certain Mortgage Lenders

(1) In general. Any person who makes or arranges loans and who uses a consumer credit score, as defined in subsection (f), in connection with an application initiated or sought by a consumer for a closed end loan or the establishment of an open end loan for a consumer purpose that is secured by 1 to 4 units of residential real property (hereafter in this subsection referred to as the “lender”) shall provide the following to the consumer as soon as reasonably practicable

How is everyone treating Interim/Temporary Construction Loans for 1 to 4 family dwellings. Are you providing the "NHLA" disclosure on the type of loan or not? Your assistance is much appreciated.

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#1845977 - 08/26/13 07:17 PM Re: Notice to Home Loan Applicant ("NHLA") JamesH
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
There is no temporary loan exemption in 609(g). We provide the notice.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1845981 - 08/26/13 07:19 PM Re: Notice to Home Loan Applicant ("NHLA") JamesH
JamesH Offline
Member
Joined: Jun 2008
Posts: 50
Thank you Dan. I appreciate your assistance.

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#1849594 - 09/06/13 06:57 PM Re: Notice to Home Loan Applicant ("NHLA") JamesH
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,023
Utopia
In reading section 609(g) I'm confused as to whether the Notice to Home Loan Applicant is required if no credit score is provided. We have a circumstance where a recently relocated canadian citizen applied for credit and they did not have a credit score, so no NHLA was provided. Our CRA vendor states it will not be supplied in that case. I can not find where in the regulation is states it's not required.
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#1849602 - 09/06/13 06:58 PM Re: Notice to Home Loan Applicant ("NHLA") JamesH
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,923
Galveston, TX
Any person who makes or arranges loans and who uses a consumer credit score

If they don't have a score, how can you use it?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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