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#2270453 - 05/16/22 01:14 PM Foreign Credit bureau
WIBanker91 Offline
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Joined: Nov 2011
Posts: 180
WI
One of our mortgage lenders is looking at using a foreign (Canadian) Credit bureau as part of the lending decision. Does anyone have any experience doing that you would share?

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#2270536 - 05/17/22 05:24 PM Re: Foreign Credit bureau WIBanker91
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,276
Galveston, TX
'One of our mortgage lenders"

Since when does one officer make credit policy. Have them go through the proper administrative credit channels and have it immortalized in your underwriting policies.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2270553 - 05/17/22 07:40 PM Re: Foreign Credit bureau WIBanker91
WIBanker91 Offline
100 Club
Joined: Nov 2011
Posts: 180
WI
That part is happening. I was wondering if anyone has any insights.

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#2270557 - 05/17/22 08:16 PM Re: Foreign Credit bureau WIBanker91
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,276
Galveston, TX
Well, if you want to loan to foreign nationals, why would not pull credit from their home country if you thought it was valuable. Just have a policy so you do not have a fair lending issue.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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