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#269937 - 11/02/04 07:24 PM [b]Back to 212 - One more time!!![/b]
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
Section 212 (609 (g)), lists under "Actions not required under this subsection" that: "This subsection shall not require any person(lender) to provide more than 1 disclosure per loan transaction." I saw an earlier post that asked about multiple applicants, but there were no responses. Does this mean that each applicant does not have to receive a notice that provides their credit score, only one? Can one notice to only one party of a joint application satisfy this requirement? Can more than one credit score scenario be covered in one notice? Does a cosigner require a separate disclosure? Does anyone know for sure what satisfies these notification requirements?

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#269938 - 11/03/04 01:05 AM Re: [b]Back to 212 - One more time!!![/b]
Bear Collector, CRCM Offline
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Bear Collector, CRCM
Joined: Nov 2000
Posts: 1,830
District of Columbia
I read this as saying that only one NOTICE needs to be provided, but each applicant on the loan needs to get his or her credit score. If you combine the notice and the score into one disclosure, then you will probably need to give the notice more than once. If you keep the notice as a one form and give the credit scores in a separate document, then you only need give the notice once and the scores as applicable. Clear as mud?
BC
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#269939 - 11/03/04 03:32 PM Re: [b]Back to 212 - One more time!!![/b]
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
So do you agree that even a co-signer who we run a consumer report on, needs to get the notice with their score, ranges, key factors,etc., and that each consumer needs to receive a separate notice?

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#269940 - 11/04/04 04:47 PM Re: [b]Back to 212 - One more time!!![/b]
bcastle Offline
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Joined: Nov 2003
Posts: 181
Springfield, Illinois (Souther...
Our bank uses ARTA for document preparation. We plan to use "Notice to the Home Loan Applicant" Form REGV-HLA-NOT offered by Bankers Systems. If you look at this form, the least confusing way to give the Notice, credit score and key factors appears to be to provide a separate notice for each applicant.
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#269941 - 11/08/04 11:31 PM Re: [b]Back to 212 - One more time!!![/b]
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
If our system can create a form for joint applicants that are at one address, can two sets of score information be sent on one disclosure form?

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#269942 - 11/09/04 04:43 PM Re: [b]Back to 212 - One more time!!![/b]
Anonymous
Unregistered

We do not develop or generate our own scores. Do you think we can delete the sentence from the notice, "or contact the lender, if the lender developed or generated the credit score."

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