Need Clarification. Our bank does not do risk base pricing, rates are the same for all borrowers. On real estate loans are we required only to give the Notice to Home Loan Applicant notice? On non real estate loans no notice required? I am confused as to what needs to be going out. Any guidance is much aprreciated.
If you obtain a credit score you should either provide a risk-based pricing notice to appropriate applicants, or you may choose to provide a credit score exception notice (CSEN). There are three credit score exception notices – one for loans secured by one to four units of residential real property, one for loans not secured by one to four units of residential real property, and one for situations where the consumer does not have a credit score.