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#289796 - 12/16/04 02:57 PM Risk Based Pricing Sec. 311

Couple of questions. 1) Is this in effect now and 2) If a bank does not use any kind of rate sheet/matrix would we be required to give this notice.

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#289797 - 12/16/04 03:08 PM Re: Risk Based Pricing Sec. 311
Reg Wrecker Offline
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Reg Wrecker
Joined: Dec 2003
Posts: 543
1. No, this is not in effect and is awaiting final rules see this from the regulators that will identify what is and is not currently in effect.

2.) You will be required to give this notice if you price your loans using factors that would give a consumer less than normal/favorable terms based on risk rating criteria such as score, debt to income, LTV, etc.
Not even close to being legal advice....I have a bridge for sale too!

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