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Qualifications & Requirements For Membership Mortgage Reporting Division

  
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Membership in the Mortgage Reporting Division of Consumer Data Industry Association (CDIA) is granted to a mortgage reporting organization that must be in compliance with the following general requirements. Further, the mortgage reporting organization must not otherwise be able to qualify for membership in the Credit Reporting Division of CDIA.
1. A mortgage reporting organization must be in operation before it is eligible to apply for membership.
2. A mortgage reporting organization must:
      a. a. compile consumer reports as defined in Section 603(d) of the Fair Credit Reporting Act primarily for mortgage credit purposes and comply fully with all the provisions of that Act.
      b. have and maintain the support of and the use of its services by mortgage lenders.
      c. conform with all applicable laws relating to consumer reporting operations.
      d. d. notify the Association within sixty (60) days of any change in the name of the organization and all trade-style names used by the organization.
3. A mortgage reporting organization must be financially sound to reasonably assure its continued operation. In addition, its management and owners must have and maintain an acceptable credit reputation.
4. A mortgage reporting organization's management and owners must:
      a. have and maintain favorable reputations for personal and financial integrity.
      b. advise the Association of any criminal convictions from the past, or that occur in the future, of its management or owners.
      c. furnish the Association within sixty (60) days copies of any Consent Order from the past, or that occur in the future, to which the office is a party, and of any criminal judgments obtained against the organization.
      d. notify the Association within sixty (60) days of any change in management or ownership of the organization.
5. A mortgage reporting organization must:
      a. complete in full the membership application.
         
      b. abide by the Association's Bylaws, Antitrust Policy Statement, and such other rules or policies that may be adopted by the Board.
6. Any mortgage reporting organization and its management or owners that do not adhere to all of the qualifications as stated is subject to cancellation from membership in accordance with the provisions of the Bylaws of the Association.

Membership Application

For questions relating to membership, contact Betty Byrnes at (202) 408-7409 or e-mail bbyrnes@cdiaonline.org.