09/15/2024
Can I advertise "FREE APPRAISAL" on a mortgage postcard, but indicate in small print (client must pay the appraisal upfront, reimbursement will apply once the loan has closed), to that statement OR "FREE CREDIT REPORT," one or the other?
02/11/2024
We have backing lines attached to our Letters of Credit. Most of our backing lines are secured however, the letters of credit are unsecured. We have been told by our core vendor we must attach a backing line. Questions is, do we report the backing lines that are secured based on the collateral when reporting the call report code or do we report in 4A with the Letter of Credit that is unsecured? We haven't found any definitive answers but we want to make sure we are reporting correctly.
10/08/2023
Our bank does not report business purpose loans to credit bureaus. If we have an address discrepancy on a credit report pulled for an individual, but the loan is business purpose, are we obligated to furnish the borrower's address under Reg V, once we have reasonably confirmed it as accurate?
09/24/2023
How should the date of first delinquency be calculated when reporting to the credit bureaus?
05/21/2023
How many years should Deed in Lieu of Foreclosure coding stay on a credit report? Our customer is referring to the Rocket Mortgage website which states 4 years but I can't find confirmation on any of the credit bureau websites or CDIA/metro II guide.
08/14/2022
Credit Reporting Loans to Minors
09/26/2021
We are refinancing several mortgage properties for the same consumer at the same time. Can one credit report be pulled and used for all refinancing loan files? This provides a cost savings as we only charge for the one credit report.
07/25/2021
We have a customer that is a victim of fraud. The customer called several different credit reporting agencies to get information and received several different answers regarding credit information. The customer wants us to pull a tri-credit report for them. Would this be a permissible purpose to pull the credit report?
09/27/2020
We have a loan that is paid to a $0 balance. However, there is a large sum of late charges owed. Can late fees be reported as a delinquent/past due status to the credit bureau?
11/17/2019
We have an online loan application that our members complete. It does not have a signature on it. We use that to pull credit, make the loan and the
members come in and sign loan documents. My question is do I need them to complete a loan application in person with a signature or is the on-line
application sufficient?