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Lenders Concerned about FCRA.(Brief Article)
The Senate Banking Committee last month approved by voice vote a bill that would permanently extend the Fair Credit Reporting Act, but potentially cause some problems for mortgage lenders.
The financial services industry backs a permanent extension of the FCRA that would ban states from interfering with federal standards on consumer credit reporting. And the Mortgage Bankers Association is very pleased with a similar FCRA bill (H.R. 2622) passed by the House. However, the Senate measure contains provisions that would trigger an adverse action notice to mortgage applicants if negative data in their credit file causes the lender to charge a higher interest rate.
"The adverse action language now in the Senate bill is a real concern to us and others in the industry," said MBA's top lobbyist Kurt Pfotenhauer.
The language is "tremendously vague," he said. MBA will continue work with Senate Banking Committee staff on improving the language, Mr. Pfotenhauer said. But it is likely to be an issue that will have to be resolved when House and Senate ...
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Source: HighBeam Research, Lenders Concerned about FCRA.(Brief Article)