California Civil Code 1785.20.2 states “Any person who makes or arranges loans and who uses a consumer credit score as defined in Section 1785.15.1 in connection with an application initiated or sought by a consumer for a closed end loan or establishment of an open end loan for a consumer purpose that is secured by one to four units of a residential real property shall provide the following to the consumer as soon as reasonably practical:” and then goes on to list requirements of such circumstance. Subsection d states that a copy of the Notice to the Home Loan Applicant must be included and includes the wording for the Notice. We have created the document entitled California – Notice to the Home Loan Applicant to satisfy this provision. Historically, we have had this document included in the initial disclosures package for the state of California.
In some situations, an applicant may need to receive the Notice to the Home Loan Applicant without receiving an initial disclosure package. In order to my fully comply with this statue, we have added Cx2114 to the adverse action package for the state of California.
This change will take place on April 5, 2022. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.