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#2126201 - 04/13/17 05:47 PM no credit score - no rbp
Wannaknow Offline
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Joined: Jul 2011
Posts: 238
we are starting up a new mortgage division and have decided not to obtain the FICO credit scores when we order the credit reports. We will not use "RBP" - we have standard pricing per loan type. We will underwrite each file based upon the contents of the credit report, income, assets and liabilities.

What do I need to send the applicants ( California law and fcra)?

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#2126208 - 04/13/17 06:37 PM Re: no credit score - no rbp Wannaknow
Reg Warrior Online
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Joined: Jan 2017
Posts: 214
Neither the California Civil Code (1785.1-1785.36) or the California Administrative Code (Title 10, Chapter 3) provide any guidance. As for Federal, look at FCRA 1022.72(b)(1)(iv) and 1022.74 (f) for guidance.

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#2127286 - 04/20/17 04:41 PM Re: no credit score - no rbp Wannaknow
Wannaknow Offline
100 Club
Joined: Jul 2011
Posts: 238
I am thinking we do not have to provide the CA credit score disclosure or the notice to home loan applicants since we will not be obtaining credit scores.

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