NY Urged to Drop Requirement of FICOs in License Applications
October 27, 2009
The financial services industry is opposing a recent change made by the New York State Banking Department to its mortgage originator licensing form, saying it could adversely affect applicants and, ultimately, consumers. In a letter to the NY State Banking Board, the American Financial Services Association expressed concern about the requirement to submit a FICO credit score in addition to credit reports. The trade group clarified that...