Permissible purpose?

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
  • #34623

    I have come across something, that I am not sure about in regards to Permissible purpose. The procedure we have in place about Subordination agreements for our customers, is that when we receive a Subordination agreement to execute from the prospective First Mortgagee, the Subordination request is giving us Permissible purpose to pull a credit report on the borrowers of our loan. We underwrite the subordination request like a new loan to make sure that the customer will still have the ability to repay our loan.
    I just want to make sure that the request for the subordination is truly a permissible purpose to pull credit.


    You are obtaining written instructions from the consumer to pull a consumer report. If you obtain written instructions from the consumer, then no further permissible purpose is needed.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.