Skip to main content

Informative Research Releases White Paper on Risk-Based Pricing

NationalMortgageProfessional.com
Oct 13, 2010

Informative Research, a mortgage credit solutions provider, has published its “Risk-Based Pricing Notice for Mortgage Lenders White Paper.” Effective Jan. 1, 2011, companies that use a credit report or score in connection with a credit decision must send a specific "risk-based pricing notice" to consumers regarding their loan pricing. The Fed provided a specific exception to mortgage lenders to meet the requirement by adding enriched information on the Credit Score Disclosure form. In the White Paper, Informative Research explains the exception and gives specific information about what lenders are required to provide borrowers, quoting the Federal Reserve Board’s specific language regarding mortgage lenders. “While the Risk-Based Pricing Rule applies to all lenders, there is a variation on the requirement for mortgage lenders,” said Brad Kelso, executive vice president of sales and marketing at Informative Research. “The solution being offered to the mortgage industry, while simplified in comparison to other risk-based creditors, requires that specific "reasons" behind the score be disclosed to the consumer. Access to this specific data is generally only available from the credit bureau directly or through a credit reseller. The Credit Disclosure form that Informative Research provides will be expanded to include all the items required under the law, including the reasons.” To receive a copy of the White Paper, e-mail Donovan Williams at [email protected] For more information, visit www.informativeresearch.com.
Published
Oct 13, 2010
ATTOM Announces Addition Of NMLS Data

Provides access to the names and NMLS IDs for those originating residential mortgage loans.

Industry News
Oct 05, 2022
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022