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We have a customer whose credit we pulled. The loan was approved but at a higher rate because of the credit score. There was an item on the credit report that the customer was able to have removed and he wanted to know if the score was updated due to this item. Our Mortgage department is refusing to pull another credit report due to the cost. They informed the customer that they can pull the report and if the item was removed and the score is higher, we will then pull another report.
The loan originator asked if she could pay for the credit report. In the past, some of our loan originators have paid for the customer’s appraisal. It is within their contracts that the appraisal fee can then be deducted from their pay.
Is there any regulation that would prohibit a loan originator from paying for the customer’s credit report or for an appraisal?
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