CLICK HERE FOR BLOGGER TEMPLATES AND MYSPACE LAYOUTS »

Saturday, December 18, 2010

Mortgage Shoppers Get Mandatory Alert

http://www2.timesdispatch.com/business/business/2010/dec/18/TDBIZ02-mortgage-shoppers-will-be-given-credit-sco-ar-723760/

Starting January 1, 2011, lenders will be required to disclose additional information to home buyers shopping for mortgages. Mortgagee's will be given "a mandatory alert on how their credit scores might affect the rate quote and terms they receive from their lender...alerting applicants when negative information in their credit-bureau files triggers hgiher rates or adverse terms," this new policy will allow applicants time to make informed decisions before commiting to any offers.

0 comments: