topic Re: IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE in Mortgage Loans

IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE

ashdown1967 — Tue, 09 Oct 2012 13:17:54 GMT

I was reading an article online today and it says that it is illegal to charge a borrower for a rapid rescore. According to (RESPA ACT) Real Estate Settlement Procedure Act.

Hud defines this service a service that generates an unearned fee.

Re: IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE

IOBA — Wed, 10 Oct 2012 17:50:35 GMT

Wow. Do you have a link to the article?

Re: IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE

bigboihill — Wed, 10 Oct 2012 18:35:02 GMT

I am not sure of the actual article that the OP is referring to. But I found an interesting link courtesy of a blog page from "DallasLoanGuy" which shared various viewpoints on the topic. He actually cited the actual verbiage from FCPA and RESPA. I hope he doesn't mind me posting it and/or it doesn't violate any rules.

http://activerain.com/blogsview/2735178/rapid-rescore-costs

Re: IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE

webhopper — Fri, 12 Oct 2012 13:46:56 GMT

Agree +1 Lender should not be charging you for a rescore.

If they try to, you need to RUN!

Re: IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE

jordanmedical — Mon, 04 Mar 2013 01:06:38 GMT

Is this still true?