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New Contributor
ashdown1967
Posts: 73
Registered: ‎06-26-2012

IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE

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.

Valued Contributor
IOBA
Posts: 2,659
Registered: ‎08-13-2009

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

Wow.  Do you have a link to the article?

Valued Member
bigboihill
Posts: 42
Registered: ‎04-09-2011

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

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

 

 

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webhopper
Posts: 7,230
Registered: ‎09-16-2011

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

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

 

If they try to, you need to RUN!


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jordanmedical
Posts: 1,011
Registered: ‎04-08-2012

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

Is this still true?

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