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I recently did the mortgage broker fired at my house re-finance. I asked my credit report and FICO scores, but they refuse to give. Paid for evaluation, they used their people and it was not done correctly. Second Sun report was commissioned and paid for it. Can I two opinions?

3 Thoughts on How do I know what are my rights regarding information received from a lender. FICO scores, etc?
  1. Reply
    November 5, 2012 at 9:38 pm

    Unless you paid for the credit report they are not required to provide you with a copy. If they paid for the second appraisal they are not required to provide you with a copy of that either. You are entitled to a copy of the first appraisal but since you state is was incorrect it is valueless to you anyway.

    My suggestion is that you just move on. Your new lender will order a new credit report anyway as they have to have one ordered in their name and a new appraisal will have to be done that you will pay for.

  2. Reply
    November 5, 2012 at 9:41 pm

    Federal law now mandates that they tell you what your credit score is when determining your eligibility for a loan. So, they should tell you the score, however they do not have to give you a copy. You can get a free copy, from the only legal, government run website
    As for the appraisal, if you paid for it, you should get a copy, contact your lender and be insistent upon this or contact their manager. You most likely will not be able to get a copy of the one they paid for, but you could ask.
    The only place your rights are explained is on your truth in lending and good faith estimate. Since some items can vary state by state, review those documents if you have more questions.
    Good luck!

  3. Reply
    November 5, 2012 at 10:32 pm

    You are entitled to a copy of your appraisal if you paid for it. So tell the mortgage broker, bad appraisal or not you paid for it and you want your copy within 24 hours. Tell him also you want him to tell the one that did the appraiser to release the appraiser to you and another lender and you want this in writing in the same 24 our period.

    If this is not done you should contact the licensing agency that provided this mortgage broker his license and make a formal complaint against him. Too many of these and he will be out of business.

    This appraiser can fixed this appraisal as to what ever was wrong with it and you can use it with your new mortgage broker, you have to have the written release from the first mortgage broker. The only thing that can’t be fixed is if the appraiser is not licensed or his is not on the approved list for most lenders in your area.

    Going with a new mortgage broker make sure you get a Good Faith Estimate (GFE), your credit scores and your appraisal. Now most mortgage brokers give these items once the loan is completed. There is good reason for this, but that is normal procedure.

    There are some good ones out there and some bad ones,I hope your new one is a good one.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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