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Loan Solicitation Disclosures Needed?

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Question: 
Currently our Cascade Alerts only provide that a customer did an application for a Mortgage or Home Equity at another bank, but does not provide any details as to what they applied for. If we were to utilize an option with Cascade Alerts on our Mortgage and Home Equity customers where we would be able to know what type of loan the customer applied for at another bank (Mortgage or Home Equity), what would we then be required to provide disclosure wise to the customer?
Answer: 

Sounds like you are talking about "trigger leads" which would trigger all of the FCRA prescreening compliance requirements. Whether you know what type of loan they applied for would be irrelevant to your compliance requirements.

First published on 01/12/2025

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