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Info from Loan Apps to Offer HELOC Product

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Question: 
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?
Answer: 

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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