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

 

 

Super Contributor
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!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012
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