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#1856015 - 09/26/13 06:15 PM Loan Orignators under new Reg Z rule
Patricia Offline
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Joined: Mar 2011
Posts: 327
Kansas
Currently the bank I work for does not have applicants complete an employment application. So under the new Reg Z rules the bank will need to pull credit reports and perform background checks on any loan officer that may take an application for a consumer real estate loan. So won't the bank need to give these employees something in writing stating the bank will be pulling credit etc?

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Human Resources
#1856153 - 09/26/13 08:06 PM Re: Loan Orignators under new Reg Z rule Patricia
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,285
I would take a look at the provisions in the Fair Credit Reporting Act and see if whatever type of report you will be ordering meets the definition of an "investigative consumer report." If so, then there are certain disclosures that must be made.

http://www.bankersonline.com/regs/fcra/fcra.html
_________________________
Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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#1856181 - 09/26/13 08:42 PM Re: Loan Orignators under new Reg Z rule Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
Kansas
Good idea. Thanks.

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