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Info from Loan Apps to Offer HELOC Product

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Can the bank use information from approved closed-end mortgage loan applications (ie property LTV) to offer a pre-qualified HELOC product? Could the bank have the borrower sign an authorization at application of the closed-end loan that indicates the bank may use the information obtained to offer them other credit products that they might be interested in?

You can use any information in your own files to market additional products to a consumer. What you cannot do is use any information related to a previous credit report obtained to market additional products.

First published on 12/23/2018

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