Minn. R. agency 148, ch. 4900, LOAN AND MORTGAGE APPLICATIONS, pt. 4900.0080 - CREDIT REVIEW

The agency may review, or cause to be reviewed, loan and mortgage applications for suitable credit worthiness. In evaluating credit worthiness the agency may consider:

A. the percentage of applicant's income which can reasonably be expected to be spent on housing costs;

B. the amount of applicant's outstanding debts;

C. the applicant's employment history and likelihood of continued employment;

D. the applicant's credit history;

E. whether applicant has ever sought bankruptcy relief; and

F. on a case-by-case basis, the general educational background and residential stability of the applicant.

Notes

Minn. R. agency 148, ch. 4900, LOAN AND MORTGAGE APPLICATIONS, pt. 4900.0080

Statutory Authority: MS s 462A.06