Skip to main content

Credit Plus to offer single price credit report

NationalMortgageProfessional.com
Jan 19, 2010

Credit Plus Inc. has announced that it will offer a single-price credit report, the price of which will be based upon a lender’s business model. The new pricing option will assist lenders and mortgage brokers in achieving compliance with regulatory changes, effective Jan. 1, 2010, that were made to the Real Estate Settlement Procedures Act (RESPA) by the U.S. Department of Housing & Urban Development (HUD). The new rules require lenders and brokers to provide customers with a standard Good Faith Estimate (GFE) that clearly discloses all loan terms and closing costs. Closing agents are then required to provide borrowers with the new HUD-1 Settlement Statement that clearly compares consumers’ final costs with the originally quoted costs. The final price for several services, including the credit report, must be within 10 percent of the quoted price or lenders may face penalties beginning May 1, 2010. “Offering the option of a single-price credit report provides much-needed flexibility in today’s mortgage environment,” said Greg Holmes, national director of sales and marketing at Credit Plus. “We believe the single pricing structure will facilitate compliance with the new HUD regulations, particularly the Good Faith Estimate.” The Credit Plus single-price credit report will include:   ► Supplements that lenders can customize ► Potential score improvement alerts ► Unlimited secondary use fees ► Unlimited Fannie Mae and Freddie Mac reissue fees.   The new standard Good Faith Estimate form requires that lenders and mortgage brokers clearly disclose the loan term and type, interest rate, whether there is a pre-payment penalty and/or balloon payment, and itemized closing costs. The new standard HUD-1 Settlement Statement enables a borrower to compare an itemized list of all fees from the Good Faith Estimate with actual closing costs. “Long-run and short-run, our single-price credit reports mean lenders and mortgage brokers have one less thing to worry about,” said Holmes. Lenders and brokers who do not wish to purchase single-price credit reports will continue to have the ability to purchase credit reports within Credit Plus’ traditional price structure. Credit Plus offers scoring tools, Tax Return Verifications, flood reports and other services in addition to credit reports. For more information, visit www.creditplus.com.
Published
Jan 19, 2010
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021