Foreign Credit bureau

Posted By: WIBanker91

Foreign Credit bureau - 05/16/22 01:14 PM

One of our mortgage lenders is looking at using a foreign (Canadian) Credit bureau as part of the lending decision. Does anyone have any experience doing that you would share?
Posted By: rlcarey

Re: Foreign Credit bureau - 05/17/22 05:24 PM

'One of our mortgage lenders"

Since when does one officer make credit policy. Have them go through the proper administrative credit channels and have it immortalized in your underwriting policies.
Posted By: WIBanker91

Re: Foreign Credit bureau - 05/17/22 07:40 PM

That part is happening. I was wondering if anyone has any insights.
Posted By: rlcarey

Re: Foreign Credit bureau - 05/17/22 08:16 PM

Well, if you want to loan to foreign nationals, why would not pull credit from their home country if you thought it was valuable. Just have a policy so you do not have a fair lending issue.