Hi Everyone,

Here’s the follow up from today’s class:

There was a request for more reading info on “subprime lending.”  Here’s the Interagency Memo on Subprime that will help w/those subprime-type test questions.

I promised more information on appraisal independence rules that will take the place of HVCC.

There was a question about how long a creditor has to retain files. See Section 202.12 of ECOA for th 25 month rule. Remember, state laws may be tougher than federal laws.

Regarding the question about when we can pull a credit report on consumers, see page 13 (F) of the Fair Credit Reporting Act.

Regarding the ability to re-sell information contained in consumer credit reports, see the bottom of page 33 (e) – page 34 of the Fair Credit Reporting Act.