Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Lenders access mortgage histories on credit reports

Notify me of new replies via email
Mortgage Broker News | 30 Apr 2012, 10:00 AM Agree 0
A computer glitch has provided some brokers with a glimpse of credit reports that include mortgage payment histories – information many banks, they learned, already get.
  • Ron Butler | 01 May 2012, 02:28 AM Agree 0
    This type of mortgage credit bureau has been available to some FIs for well over a year, I have heard it referenced by underwriters on many occasions. It's no secret. Our inquiries to Equifax revealed this type of Bureau was only available to FI bureau members who actually provide mortgages (banks, trusts, CUs etc) and only those FIs who share their mortgage data with the bureau. Not likely any mortgage brokers will have access any time soon.
  • Eric Putnam | 01 May 2012, 03:27 AM Agree 0
    Agree with Ron Butler's comments Several years ago when I was a senior manager for a lender I was told by Equifax manager that that if we shared our mortgage data we could potentially access other lenders mortgage data. FYI if you have your client obtain their own Equifax report their mortgage will appear on the report in most cases. As most know this is free once a year for clients to do but without the score. If client want's score they have to pay for the report-about $24 per person last time I checked
  • Gary | 01 May 2012, 03:32 AM Agree 0
    This has been the case for many years. It was the only way the credit reporting agencies could get the FI's to report their mortgages - share with only those who report in.
  • Phil McDowell | 01 May 2012, 03:53 AM Agree 0
    The only argument that will make sense for FI's to report their mortgage book is if FI Risk and Security departments concerns for fraud losses outway Marketing concerns their book will become competitor targets for renewal/refi. OSFI rule changes on reviewing mortgage credit will not make Marketing any happier about opening their books to competitors' eyes.
  • LizD | 01 May 2012, 04:11 AM Agree 0
    There are arguments both sides on the pros and cons of including mortgage payment info on credit bureaus. However the question remains, regardless of whether the mortgage history is disclosed or not, why could the credit score not factor in the mortgage payment history, if available. Would lend a different light on those 'Reject Score' consumers who choose to live on a cash-basis, not using credit except for their mortgage - the largest purchase they will make in their lives.
  • AB Broker | 01 May 2012, 04:28 AM Agree 0
    Log onto and request your personal bureau. My mortgage showed up towards the bottom-very interesting. I also found out that Telus Mobility also reports on my bureau. What's more interesting, is that both Telus and my mortgage began to report the same month 9 months ago. As a broker, this information would helps us to know if clients are withholding information before we submit. Some buyers are liars!
  • Jim T.....Advent mortgage | 01 May 2012, 04:34 AM Agree 0
    It is what it is. We have to play the cards we are dealt and do the best we can. I do think this is good information for lenders to have. This information will help lenders weed out those fraudulent applicants that don't disclose their other property holdings.
  • Stephane Prevost DLC Alliance | 01 May 2012, 04:42 AM Agree 0
    for those who think the Eqifax report paid by the consumer will mean something... I can tell you the one report paid buy consumer does not contain a beacon score. Instead its a ERS. = Equifax Risk Score. the score can be off by over 100 points.
  • ram | 01 May 2012, 06:40 AM Agree 0
    as far as i know - its been there for more than a yr - i have seen specially with TD and Scotia.
  • Patrick | 01 May 2012, 09:36 PM Agree 0
    That last paragraph says a lot.
  • Adil A.Rahman | 02 May 2012, 01:49 AM Agree 0
    We need to have the equal tools to do our job properly and build a strong relationship with bank, F.i. underwriters to weed out fraudulent clients.
Post a reply