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#1972462 - 10/28/14 05:37 PM reuse mortgage credit report within 30 days
ADN Offline
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Joined: Mar 2007
Posts: 205
So we have the following situation:

Applicant applies for a 30 year mortgage loan. For whatever reason the applicant or property does not qualify and is denied by our investors. However the applicant would qualify for an in-house loan and want to proceed with that option.

We have been denying the first credit request and starting a new application for the in-house loan just to keep the loan file clean. My question is: do we need to pull a new credit report(and give new credit score disclosures) or can we re-use the original credit report?

Normally these situations happen within 30 days of each other and our credit bureau company does not care if we reuse credit reports.

Any help would be appreciated!

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#1972902 - 10/29/14 09:09 PM Re: reuse mortgage credit report within 30 days ADN
#12 Online
Diamond Poster
Joined: Jun 2005
Posts: 1,338
It depends on your loan policy. Ours allows us to reuse credit reports if they are no more than 90 days old. Don't forget to give the credit score disclosure/risk based pricing notice/notice to home loan applicant again though.
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#2047238 - 10/30/15 02:51 PM Re: reuse mortgage credit report within 30 days ADN
*W*W* Offline
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Joined: Feb 2010
Posts: 835
ADN,
I'm researching this as well, so admittedly, I'm not an expert on this topic, but I came across this thread you may want to read. It references a 1999 Advisory Opinion from the FTC.

Use of Existing Credit Report on File
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Opinions expressed are my own and do not reflect the views of my employer.

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#2047581 - 11/02/15 07:45 PM Re: reuse mortgage credit report within 30 days ADN
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,017
Bloomington, IN
It depends on your loan policy. Ours allows us to reuse credit reports if they are no more than 90 days old.

When you use these reports how are you satisfying ATR and/or QM requirments? A 90 day old credit report does not give you current obligations.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2047731 - 11/03/15 03:41 PM Re: reuse mortgage credit report within 30 days ADN
#12 Online
Diamond Poster
Joined: Jun 2005
Posts: 1,338
Well Dan, that post was a year ago. Since then, we have changed our policy to always require a new credit report for loans falling under ATR/QM rules. I understand we were late doing so, but we caught it and changed it.

Thanks!
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#2047764 - 11/03/15 05:05 PM Re: reuse mortgage credit report within 30 days #12
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,017
Bloomington, IN
I just saw Oct and didn't pay any attention to the year..... crazy
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