joint credit report for unmarried borrowers
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The lender must obtain a credit report for each borrower on the loan application who has an individual credit record. The credit report must be based on data provided by the national credit repositories. Acceptable credit report formats are described in B3-5.2-02, Types of Credit Reports. For credit report requirements in DU see below.
According to the compliance department, the language at the top of the 1003 that requires a signature is used only when the borrowers are applying for joint credit. Typically, unmarried persons cannot apply for joint credit, and as such, much individually submit separate loan apps (1003).
Credit agencies do not issue "single" reports for married borrowers. It is called a "joint" report. Joint reports are also available, at the same price, for unmarried borrowers who meet the following conditions: A) the two individuals live at the same address; and/or B) the two individuals have jointly-held credit accounts
When two couples-one married, the other not-go looking for a joint loan, banks routinely give only the married couple a discount on the application fee. Since joint credit reports also are available.
Credit Reports [one_third] Single Credit Report $25.00 (1 borrower only) [/one_third] [one_third] Joint Credit Report $44.00 (married couple) [/one_third] [one_third] 2 credit reports .00 (2 unmarried borrowers) [/one_third] Phone: 562-208-3760. Email: email@example.com. Down Payment Assistance Programs.
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VA Pamphlet 26-7, revised chapter 7-loans Requiring Special Underwriting, Guaranty and Other Considerations 7-2 1. Joint Loans Change Date April 1, 2010, Change 12 This section has been updated to correct hyperlinks and to make minor grammatical edits.
The FDIC believes that charging two married joint applicants for a single joint credit report, and charging two unmarried joint applicants for two separate single reports, constitutes a marital-status discrimination violation because FDIC has confirmed that the credit bureaus can and will provide joint credit reports on unmarried joint applicants for the same price as married applicants.
The latest Dodd Frank turmoil is over appraisers. Mortgage is enforcing a new credit report pricing structure. It will require a refund prior to purchasing any loan where there is a greater charge.