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#385726 - 07/14/05 03:47 AM Quoting Rate
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
The bank has just started a formal risk-based pricing program, the bank also credit scores. I have been told that when someone calls to request a rate quote, that the lender credit scores the person since the score is relevant to the rate. Does doing this constitute an application?

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Lending Compliance
#385727 - 07/14/05 06:32 PM Re: Quoting Rate
GreatBlue Offline
Diamond Poster
GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
How does the lender credit score the person? What do they use?
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#385728 - 07/17/05 01:41 AM Re: Quoting Rate
Anonymous
Unregistered

Brody here (sorry forgot to sign in) - we use the scores from a credit reporting agency.

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#385729 - 07/17/05 02:18 AM Re: Quoting Rate
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,590
On the Net
If you are getting sufficient data to make a credit decision, you have an application and an approval/denial.
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AndyZ CRCM
My opinions are not necessarily my employers.
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