----- Original Message -----
Sent: Monday, January 13, 2003 10:23
AM
Subject: RE: [WTW] Use of Credit Bureau
Reports in Loan Committee Meetings
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
