In order to comply with MLA rules, financial institutions must confirm an applicant’s MLA covered borrower status. Therefore, institutions need to pull the applicant’s MLA covered borrower status prior to origination for most closed or open-ended loans or lines.
Equifax can help financial institutions satisfy this additional requirement. Our MLA Covered Borrower Status returns an applicant’s status, giving you the insight you need. You’ll receive the credit terms you must offer in order to help you quickly proceed with origination and maintain a “safe harbor” as stated in the Final Rule.