Mortgage broker question.

aceduecetrey · Oct 26, 2014

Is there a new regulation where a broker is not allowed to provide a copy of your credit report? I know why he does not want to, but is he allowed to?This guy is pissing me off and I want to light a fire under his ass.

seldomseen · Oct 26, 2014

Correct. He cannot by law send you a copy of your credit report. He can disclose the scores and provide you the information on how to obtain your credit report.

aceduecetrey · Oct 26, 2014

Well shit! Any suggestions on how to light this dudes fire and make him think I am shopping his ass?

Bourn · Oct 26, 2014

I was a broker for 8 years. Yeah, you can tell him you're shopping his ass. Lol. No reason not to shop around when you are getting a home loan or refiing. Get a GFE from 3-4 people and compare the rates and closing costs.

pocketrockets · Oct 26, 2014

Ask JustinCruise... he is a financial wizard... he has come a long way thislast 2 years fro mom's basement to buying his own house.

teamogf · Oct 26, 2014

where is that a law that the lender cant give you a copy of the credit report?

aceduecetrey · Oct 26, 2014

I was a broker in florida back in the good old days and I would give it to them if they demanded it. Back then though, there were no rules and we see what happened

Bourn · Oct 26, 2014

teamogf said:
where is that a law that the lender cant give you a copy of the credit report?

I use to give them a copy of their report if I felt they weren't just calling to get the report. Lenders pay to run people's credit reports. They don't wanna just hand out reports to people that ask for them. I forget when the law was made, but it is a law.

Bourn · Oct 26, 2014

If they were moving forward with the loan by sending me docs that I requested I was more apt to send them their credit report. If they just call in and I tell them their credit has issues and know they aren't gonna be able to do the loan, I would tell them sorry I can't send it to you. But I was always willing to discuss the report with them.

seldomseen · Oct 26, 2014

teamogf said:
where is that a law that the lender cant give you a copy of the credit report?

I don't know the specific law but I'm not allowed to send one out. Any broker should be able to openly duscuss

SECplayer · Oct 26, 2014

I can see how this would be a bigger issue now and in the future. Nowadays you have all these companies offering "free" credit reports. But it's my understanding that they don't pull from nearly the same sources as the big three (experian, trains union, and equifax). Because of that, I can see a lot of consumers being confused when looking at their free credit report and not understanding why their lender has one that says something contrary.