Are you in compliance with "FACTA"?.. Mortgage Brokers & Lenders
If you are like many mortgage brokers and commercial lenders, you may
be out of compliance with "FACTA" on many of your mortgage loan
transactions. Effective in 2004, FACTA (Fair and Accurate Credit
Transaction Act) amended the Fair Credit Reporting Act, adding many
components that also affect mortgage brokers and commercial lenders.
A large majority of brokers seem to be either unaware of or else are
confused about one or more of the key sections. The Notice To Home Loan
Applicant requirement (=A7 609g) stipulates that when a consumer's
credit score is reviewed in association with a mortgage transaction,
the requesting broker or lender must provide the consumer with the
"Notice To Home Loan Applicant," which includes the "Consumer Score
Disclosure."
Is anyone not aware of this? There are some other points regarding
Mortgage Lending and "FACTA" that I did not even touch on here. Would
anyone like further information on this and other details regarding
"FACTA" as it applies generally and particularly to Mortgage Brokers
and Lenders? If you would like more input, just say so. Would love
to help.
Best Regards,
John C. Venezia, CLU, ChFC
http://www.prepaidlegal.com/idt/jvenezia
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