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shoei1221
36 Posts |
 Posted - 08/06/2008 : 9:34:03 PM
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Today I overheard the new broker I work for talking about making us send out a disclosure and having to have it signed before we pull credit. I have NEVER heard of this before.....I typically pull the credit on the phone with the borrower.
Is anyone aware if this is a real compliance issue or some bs.
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jasonstoeser
123 Posts |
Posted - 08/06/2008 : 10:07:50 PM
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| Actually, I think that is the correct procedure. Either a "credit pull" disclosure or 1003. |
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ownerop
418 Posts |
Posted - 08/06/2008 : 10:11:07 PM
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quote:
Originally posted by shoei1221
Today I overheard the new broker I work for talking about making us send out a disclosure and having to have it signed before we pull credit. I have NEVER heard of this before.....I typically pull the credit on the phone with the borrower.
Is anyone aware if this is a real compliance issue or some bs.
It is required to have a borrowers authorization before pulling credit, there is a gray area if you have a verbal, but you should send the authorization out by mail to have it signed. I have my clients do a digital authorization on our website which complies with the requirements. |
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shoei1221
36 Posts |
Posted - 08/06/2008 : 10:12:31 PM
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I am referring to inbound calls.
My procedure is to take the full 1003 straight into point and at the end i ask for ss/dob....I have always pulled credit on the first call and reviewed liabilities. So does taking the full 1003 give permission or does this "credit pull disclosure" really have to be signed....just seems ridiculous.
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