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IT IS ILLEGAL TO CHARGE THE BORROWER FOR A RAPID RESCORE

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ashdown1967
New Contributor
‎10-09-2012 06:17 AM
‎10-09-2012 06:17 AM

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.

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IOBA
Senior Contributor
‎10-10-2012 10:50 AM
‎10-10-2012 10:50 AM

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

Wow.  Do you have a link to the article?

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bigboihill
Valued Member
‎10-10-2012 11:35 AM
‎10-10-2012 11:35 AM

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
Moderator Emeritus
‎10-12-2012 06:46 AM
‎10-12-2012 06:46 AM

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!

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!
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jordanmedical
Established Contributor
‎03-03-2013 05:06 PM
‎03-03-2013 05:06 PM

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

Is this still true?

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700
Take the FICO Fitness Challenge

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