Question for Mortgage Experts! (loan, interest rate, approval, credit report) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

Hobokenkitchen · 03-05-2009, 11:06 AM

I have a quick question. Is there any kind of law which prevents a mortgage person from giving a borrower a copy of their credit report when they have run it for the pre approval process?

I have always received a copy of our report from our lender(s), but someone I know is saying that this is illegal. Doesn't matter much either way (although I've always been grateful to receive it), but now I am curious.
Any thoughts??

Thanks!

dad2jules · 03-05-2009, 11:16 AM

I always make a copy of my clients credit reports available to them if they want it. I never heard of it being illegal.

Hobokenkitchen · 03-05-2009, 11:24 AM

Quote:

Originally Posted by dad2jules

I always make a copy of my clients credit reports available to them if they want it. I never heard of it being illegal.

This is what I thought - it seems like a good service to provide to me.
Is there any way you can find out for sure?

Daddys///M3 · 03-05-2009, 11:39 AM

Well, given the fact that one of our federal disclosures is the Credit Score Information Disclosure, if anything I would think that it would be illegal not to. That being said, I will need to dig to find out definitively.

Hobokenkitchen · 03-05-2009, 12:25 PM

Quote:

Originally Posted by Daddys///M3

Well, given the fact that one of our federal disclosures is the Credit Score Information Disclosure, if anything I would think that it would be illegal not to. That being said, I will need to dig to find out definitively.

Interesting. Now I'm even more curious! : )

dad2jules · 03-05-2009, 02:25 PM

The only thing I can think of is that they don't want you using a copy of your credit report to shop for better terms. You probably mentioned credit pulls and the influence it may have on your score so they know once you think it wil affect your approval you will stop shopping. If you think this is also the case run as fast as you can from them. just my .02

renriq02 · 03-05-2009, 04:38 PM

They are required to give you information they receive like the scores.

They are in no obligation to give you the credit report since they are not credit report agencies or providers.

I think they're only required to disclose their decision of approved/decline

AndrewSoss · 03-06-2009, 12:53 AM

There isn't an obligation to give you anything but the Credit Score Disclosure Statement, which basically gives you your scores, what the normal range of scores are, and who to contact to get more information if you believe that the scores are incorrect.

I've never heard of it being illegal to give the borrower a copy of the report. Sounds like a lender who didn't want you to shop.

Hobokenkitchen · 03-06-2009, 07:26 AM

Thanks for the info - it's not a lender, it's someone who distrusts both realtors and mortgage people and is giving what I consider to be bas advice to a first time home buyer.
I was just trying to get the facts straightened out before saying anything.

They are basically advising the buyer not to trust anything the mortgage person says in case they lie about the credit score, etc.

Thanks for the info!

Tressa · 03-08-2009, 04:51 PM

It's been several years since had a VA loan on our home, our VA is available to us to use at this time. We are trying to refiance out current home from a conventional loan and possibly to a VA loan, can anybody tell me what the current VA interest rates are now. Last time we received a VA loan seem the interest rate was 1% less that the going rate, is that still the case with VA loans?