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January, 2019 /Experian/ -- Legislative & Public Policy Update - State Update.
January, 2019 /Experian/ -- Legislative & Public Policy Update - Federal Update.
The Fair Credit Reporting Act (FCRA) strictly regulates the use of consumer reports as they contain highly sensitive information pertaining to a consumer’s credit worthiness. Each name on a prescreened list is treated as a consumer report by the FCRA. In order for a financial institution to obtain a consumer report or a prescreened list they must have permissible purpose specified in the FCRA. Additionally, the financial institution is responsible for extending a firm offer of credit to each of the consumers on their prescreened list. The following are some guidelines of what elements should always be on a firm offer of credit that is being sent to a consumer. Please note that the following are recommendations, any firm offers of credit should always be reviewed by the legal compliance professionals at your company.
With fluctuations in the mortgage bond market, mortgage lenders are constantly at risk for mortgage portfolio runoff. High margin lenders issue rates higher than the market everyday. Even a 0.25% drop in average interest rates can create a large amount of mortgage portfolio runoff due to the fact that there is always a handful of refinance only lenders offering lower market rates that your average retail mortgage shop.