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Since you have 3 days to provide an applicant with the notice to home loan applicant for applicantions received through the mail or by phone, when do you date the notice?
Application was taken over the phone on 8/7 and credit report was ran on 8/9. When do you date the paperwork?
Date for application paperwork and date for notice to home loan applicant?
"Since you have 3 days to provide an applicant with the notice to home loan applicant"
I am not aware of such a timing requirement in the FCRA.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
This is what I read: "The Notice to Home Loan Applicant will be provided to at least one applicant for a consumer purpose loan that is secured by one-to-four untit residential real property, both open-end and closed-end loans. The noticle will be provided at the time of application for face-to-face applications and within 3 business days, for applications received through the mail, internet or by phone.
Read where? If you have the citation from the text of the FCRA, I would be happy to review it._________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
In FIL-18-2006, it talks about timing and it states "with regard to the timing of the disclosure, the statute requires that it be provided as soon as reasonably practicable after using a credit score." I think a lot of lenders are just throwing them in with the early disclosures so they're getting out in time. Maybe that's where the 3-day idea is coming from.
That document is a sample for procedures. A bank can adopt any procedure that they want for delivery. However, in this case the actual timing is not including in the regulation.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
Forgetting the 3 days. what date would you use on the notice if the credit report was pulled 2 days after the application?
The date that you mailed the notice._________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
| #608665 - 09/07/06 02:20 PM Re: Notice to Home Loan Applicant | |
| RR Joker 10K Club | |
vaforlovers, the reason they didn't put an actual timing notice is because you may take other steps in qualifying a loan prior to pulling credit potentially unnecesarily. It should be sent to the applicant as soon as possible once credit has been pulled and dated accordingly.
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My opinion only. Not legal advice.
Say you'll haunt me - Stone Sour
