Skip to content
GeoDataVision
Thread Options
#1900321 - 02/26/14 08:35 PM Risk Based Pricing
wblewis935 Offline
Member
Joined: Feb 2011
Posts: 53
My bank charges a higher interest rate on mortgages that 1) are low dollar loans (mtgs under 10K) and 2) on loans with a LTV of greater than 80%.

Obviously, we send risk-based pricing notices customers who are charged a higher rate due to their credit score. Is there any disclosure/notice that is required for loans with higher rates for the reason that I explained above?

Return to Top
Audit
#1900333 - 02/26/14 08:55 PM Re: Risk Based Pricing wblewis935
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,617
Galveston, TX
No.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1900507 - 02/27/14 01:43 PM Re: Risk Based Pricing wblewis935
edAudit Offline
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,779
You are here
If this is your review make sure that Fair lending is not an issue because of the rate may negatively impact minorities.
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top

Moderator:  Andy_Z