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consumer loans non-real estate

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  • February 5, 2013 at 8:35 pm EST #2627
    gburton
    Member

    WE PRINT A GEO CODING SHEET FOR ALL OF OUR LOANS BUT HAVE BEEN TOLD THAT WE CAN NOT KEEP THE GEO SHEET IN THE CONSUMER FILE BECAUSE IT GIVES THE AREA THE CONSUMER LIVES IN BUT IT OKAY TO HAVE IT IN REAL ESTATE FILES. IS THIS A REG B VIOLATION?

    February 6, 2013 at 2:31 pm EST #3053
    Anonymous
    Inactive

    I’ve never heard of such a situation. I’ve heard of not keeping Photo ID’s in the file, but not the geo-code. You need it too, as you probably use it for CRA purposes.

    February 8, 2013 at 3:58 pm EST #3054
    JGo9
    Participant

    Wouldn’t their address on their application tell you their location as well? I’ve not heard of this either and I don’t think it is any kind of Reg B violation. I would ask for citation from whoever is telling you this.

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