RE: [WTW] Use of Credit Bureau Reports in Loan Committee Meetings

[Jane White]

Kevin, In Clearwater we provide a copy of the Personal Statement, Debt to Income Worksheet, credit bureau and a summary page to the Loan Review Committee members.  Since the LRC never meet the applicant, the documents we provide give them the "facts".  A pattern of irresponsible use of credit is part of the mix. We delete names and any other identifying info before the LRC sees the package.   Since LRC members are helpers to keep the program afloat, I feel they should see as much of the information as is needed to make a decision.    During my face-to-face interview with the applicant, what looks on paper to one thing may in fact be another.  I like to think that the "facts" on are on the paper but the "heart" is what is on the summary page.  Otherwise, we would be bankers!           [Jane White]  ----Original Message----- From: Kevin P. Stewart [mailto:[EMAIL PROTECTED]] Sent: Monday, January 13, 2003 10:05 AM To: [EMAIL PROTECTED] Subject: [WTW] Use of Credit Bureau Reports in Loan Committee Meetings A new loan coordinator inquired about the use of credit bureau reports in loan committee meetings.   The reason that I am presenting this topic for discussion is that I think insights from loan coordinators would be helpful.   So, here are some questions for discussion. Why do you think loan committee members need (or don't need) to review credit bureau reports. Are there benefits of loan committee members reviewing (having actual copies) credit bureau reports? If so, what are those benefits? Do credit bureau reports influence the decisions of the loan committee members? If so, how? Do you distribute copies of applicants' reports to committee members? If so, why? Do you present a summary (instead of  actual reports) to loan committee members? If so, why?   Thanks, Kevin