MortgagesUndressed

11 Comments so far

1. Bob September 6th, 2006 3:37 pm

   The loan officer CAN’T show you your credit report. The Fair Credit Reporting Act forbids it. If you want to see your credit report, you have to go to the credit reporting agency and get a copy.

2. Larry Cragun September 6th, 2006 6:44 pm

   Bob, thanks for the comment. It would be nice to know more about you. I do believe you are wrong on this. If the customer signs authorization for a lender to do their report they have a right to know their credit score and what is on the report. However, as you make such a strong statement, I will verify and report. Lar

3. Larry Cragun September 7th, 2006 11:25 am

   Sorry Bob, thanks for the comment. Bloggers love comments and people we don’t know surfacing. But your comment is misguided and wrongo. I just spoke with the credit provider we used. We must have approval by them to run their report, and they have a right to see it. Love Ya, Lar

4. Bonnie Erickson September 7th, 2006 12:37 pm

   When I pay for MY credit report to be pulled, you better darn well plan on giving me a copy. I bought it with MY money, thank you! Same goes for the appraisal. It’s MINE and I’m only allowing you to use it so I GET THE LOAN. (Sorry, it’s full moon and I just had a run in with an online mortgage company which is probably going to cost me a sale. I feel like ranting somewhere so I’ll take my nasty attitude and go home now!)

5. Larry Cragun September 7th, 2006 10:26 pm

   Hey Bonnie, do you want some help. I took an e company to the state to get them to honor a lock they were going to back out of. Lar

6. Bonnie Erickson September 8th, 2006 12:10 am

   That would be easy. Mine was an MHFA program that the lender led my client to believe he was getting through them. Three weeks later (today) they inform him they do not do that program! GRRRR. I’ve found another local lender who is meeting with my client tomorrow. It just unnerves me to no end to get to the 11th hour like this. Didn’t they know they couldn’t do this program three weeks ago? Otherwise the company was excellent and does have a local office. To undress the situation. I think they were secretly hoping he wouldn’t go elsewhere for the loan since it was so close to closing time.

7. Teresa Boardman September 8th, 2006 10:26 am

   Gee I feel like a dummy. I have not gotten a loan for several years, I pay cash for everything, even cars. (no offense Lar but that interest adds up) Last time I checked into getting a loan for a piece of real estate, two years ago, the lender told me that she could not show me my credit report. I am thinking this is a common practice.

8. Larry Cragun September 8th, 2006 10:52 am

   Today that would be wrong. Here is a copy of code from the Washington State Law,
   if the borrower is unable to obtain a loan for any reason, the mortgage broker must, within five days of a written request by the borrower, give copies of any appraisal, title report, or credit report paid for by the borrower to the borrower, and transmit the appraisal, title report, or credit report to any other mortgage broker or lender to whom the borrower directs the documents to be sent;
   If this violated federal law it could’t be a state law.

9. Larry Cragun September 8th, 2006 10:56 am

   The reason I believe, and the reason I wrote the article, loan officers do this is for control over the client.

10. Teresa Boardman September 8th, 2006 1:43 pm

    But the code says if the borrower was unable to obtain a loan. I was able to obtain a loan.

11. Larry Cragun September 8th, 2006 1:52 pm

    That just refers of transferring the appraisal, title, and credit report. Subtle in this code is that if it were illegal to show them their report, you could’t give it to them.

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