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#332483 - 03/11/05 09:54 PM E-Mortgage "Credit Bureau" system REQUIRED or NOT
ES50 Offline
New Poster
Joined: Feb 2005
Posts: 14
Missouri
Can anyone tell me if banks are required to use
E-Mortgage system to pull credit bureau's for all 1-4 family dwellings........to support FACT Act requirements?

Equifax is telling me that if we have a loan secured by a 1-4 family dwelling (business related or not) we have to run the credit bureau request thru the E-Mortgage system.

Any one doing this?

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#332484 - 03/11/05 10:03 PM Re: E-Mortgage "Credit Bureau" system REQUIRED or NOT
juliad Offline
Gold Star
juliad
Joined: Sep 2002
Posts: 445
Dallas, TX
It was my understanding that E-Mortgage was necessary if you want Equifax to provide the Credit Score/Notice to Home Loan Applicant disclosure for you. I was told that if we chose to provide the disclosures ourselves, we would need to upgrade from our current version to Equifax's Beacon FACTA 5.0 to ensure we receive "number of enquiries" as a 5th factor when applicable. I was under the impression that Beacon FACTA 5.0 could be accessed through E-Port which is what we currently use, so access to E-Mortgage would not be necessary (unless we wanted Equifax to provide the disclosure).
_________________________
Opinions expressed are mine and do not represent the views of my employer.

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#332485 - 03/11/05 10:28 PM Re: E-Mortgage "Credit Bureau" system REQUIRED or NOT
ES50 Offline
New Poster
Joined: Feb 2005
Posts: 14
Missouri
Equifax is of course trying to sell us the service of mailing out the disclosure. BUT, they also are telling us that we have to use E-Mortgage in order to get the credit bureau to code the inquiry as a 'mortgage inquiry' and this would make sure our inquiry does not harm the consumers credit score. If we don't use E-Mortgage the credit bureau does not know that the consumer inquiry is for a possible mortgage loan.

Any thoughts on that one?

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#332486 - 03/14/05 02:49 PM Re: E-Mortgage "Credit Bureau" system REQUIRED or NOT
juliad Offline
Gold Star
juliad
Joined: Sep 2002
Posts: 445
Dallas, TX
No, sorry. It sounds plausible as I don't think they can distinguish between mortgage requests and non-mortgage requests on E-Port. That's why to get the service we have to sign up for E-Mortgage and train our lenders when to use E-Mortgage vs. E-Port.
_________________________
Opinions expressed are mine and do not represent the views of my employer.

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