I am looking for regulation that allows a creditor to obtain credit scores for existing customers to use for monitoring and tracking purposes, or restricts such purpose. For example, quarterly tracking of a customer's credit score to detect any deterioration that may also then be used for adverse action on a consumer line of credit such as suspending the line. Another example is to track improvement of credit scores where the creditor has granted consumer a loan for the purposes of credit repair or establishing a credit history.
We have an application for a loan. Applicant has a criminal background, spending time in prison for felony conviction. Since being released has had no other issues although if you perform due diligence on the applicant's name, due diligence indicates that applicant is associated with less than reputable businesses, etc. Credit is good and we can't find reason in standard adverse action reasons to decline the request. We don't want to do business with the applicant mainly from a reputation standpoint. We are struggling with how to decline the loan. Can you help?
I'm doing a loan to a Guardianship. A minor is who the guardianship was created for. What type of documentation is/should be required in order to ascertain if the Guardian has the power to borrower funds?
If escrowed, are taxes and insurance included in the mortgage payment amount when calculating the debt-to-income DTI ratio on a new consumer loan?
Is there a regulation/rule on the timing of when a Lender must deposit funds collected at closing for the initial escrow account set-up? If so, will you direct me to it, please?