Tue, 05 Mar 2013 00:26:59 +0000 admin@creditboards.com (CreditBoards) IP.Blog 60 How To Remove Disputes From Your Credit Report
By: Shane Milne

 

I always have my clients deal directly with the credit bureaus when removing dispute remarks.  We've had a 100% success rate. 

Experian
475 Anton Blvd.
Costa Mesa, CA 92626
 714-830-7000 
is answered by a live human being, tell them you need the Executive
Customer Service Team to end the dispute(s), hours are 8AM-5PM Pacific
Time

 

Equifax
1550 Peachtree St, NW
Atlanta, GA 30309
 404-885-8300  is answered by a live human being, tell them you need to speak with someone in the Executive Consumer Service department.

 

TransUnion
555 W Adams St
Chicago, IL 60661

 312-985-2000 
it has a machine greeting but just stay on the line and you are
transferred to a live person, tell them you need to speak with someone
in the Special Handling Department, you'll have to wait a little bit as
they need to connect to customer service then get it elevated to the
Special Handling Department (it is hit or miss, TransUnion often proves
to be the most challenging)

 

If you cannot get the Special Handling Department, then when contacting the normal customer service reps you should say:

I
need to dispute the compliance condition remarks code of "AID" (Account
In Dispute) because I am no longer disputing the account.

 The customer service rep should be able to immediately end the dispute, as in during the phone call.


There are some situations that disputes cannot be ended by the
consumer, and must be ended by the creditor, such as if there are
multiple disputes on the same trade line. Remember to always be patient
with the customer service reps, as they are trying to help you but may
have limited communication skills depending on where the customer
service call center is based.  If there are confusing terms being used,
don't be afraid to admit you do not understand what they are saying and
ask for them to re-explain or to transfer you to someone in the U.S. 

This information was compiled by:
ShanetheMortgageMan
"Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad."]]> Thu, 28 Feb 2013 19:26:00 +0000


For those aware, HUD has changed some underwriting guidelines and now will require collections that total $1,000 or more to be PAID before closing.

There have been 2 comments by HUD since the release of Mortgagee Letter 2012-3 that outlined these changes.



1. First, FHA offered guidance on collections that resulted by circumstances beyond the borrower's control. Ex. Death of spouse, hurt on the job, ect.

2. HUD has delayed the original roll out date for these changes to July 1, 2012



I also understand that HUD will be taking public comments on the issue.

The FHA Collections rule spurred on in increase in applications recently. Not many more can get in before the roll out date.

http://dallasloanguy.com/fha-rule-on-collections-accounts-delayed-new-date-july-1-2012/



Tom Burris
DallasLoanGuy.com
NMLS# 335055
Dallas, TX

214-763-4629 cell/text/nights/weekends

http://www.dallasloanguy.com/
The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!
>Search Dallas area MLS for FREE. No registration =>  http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Your Texas FHA Expert and Dallas Mortgage Expert.]]> Mon, 09 Apr 2012 18:15:00 +0000 Rapid Rescore Costs

What is Rapid Rescore?

A Rapid Rescore of a credit report is when a client provides documentation about erroneous information on their credit report…. And their Loan Officer submits these items to the credit bureaus to be updated. The loan officer doesn’t go directly like a consumer would. The loan officer will go through a 3rd party company that they use to pull credit. Examples are: Credco, Factual Data, ect…..
The Rapid Rescore process takes 3 – 5 business days. It has been my experience that these rescores are usually done in 2 – 3 days. The 3rd party companies I have used in the past have all been pretty quick about turn times.

How much does Rapid Rescore cost?

Rapid Rescore costs the loan officer(or, rather the lender who is being billed for credit pulls) about $35 per trade line per bureau.
So, if you need to correct 2 items on all 3 bureaus(Equifax, Experien, Transunion) then that is $35 X 6 = $210

Now, here is the good part!!!!

Of these 3rd party companies that I have used in the past…… Every one that I have ever discussed Rapid Rescore with has informed me that it is ILLEGAL to pass along the cost of the Rescore to the client. That’s right….. I said ILLEGAL!!!
Technically it is a violation of RESPA (Real Estate Settlement Procedures Act).
HUD defines this service as something that generates an ‘Unearned Fee’. Unearned Fees are not allowed per RESPA.

So…. Who pays for it? The lender does. It is simply a cost of doing business.

Will you be asked to pay for this from an unscrupulous or ignorant lender? Sure you will. But ignorance is no excuse for breaking the law. And this law has teeth. As an Act of Congress, lenders can be charged: Any person or persons who violate the provisions of this section shall be fined not more than $10,000 or imprisoned for not more than one year, or both.

I don’t think it is worth it to cheat the system. And I wouldn’t work with a lender who cheats either.
Do yourself a favor and read the law…. Know your rights. And if you have any questions about this article…. Contact The DallasLoanGuy, Tom Burris.



Tom Burris
DallasLoanGuy.com
NMLS# 335055
Dallas, TX

214-763-4629 cell/text/nights/weekends

DallasLoanGuy.com
The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Your Texas FHA Expert and Dallas Mortgage Expert.



http://dallasloanguy.com/rapid-rescore-costs/]]> Thu, 19 Jan 2012 15:50:00 +0000 Friends, Relatives & Real Estate/Mortgage Advice

A LOT has changed in the world of Real Estate and Mortgages over the last few years.

That means that a Real Estate transaction today will be a LOT different than the transaction Cousin Eddie did 3 or 4 years ago.  While I suggest that my clients listen to their friends/family for referrals to Real Estate & Mortgage Professionals….. I do have to warn you that the conflicting advice you get from them, vs your Real Estate/Mortgage Professional, might just differ quite a bit.

Who do you trust?

Good question!!!

After you have picked a Real Estate or Mortgage professional, you should already be pretty comfortable with that person.
That is not to say that your Professional Representative will not offer advice or counsel that is in conflict with what Mom said or Cousin Eddie experienced when he did his loan back in 2004.

I recently was involved in a transaction that went sour when the seller backed out.  The borrower didn’t understand….  They had an accepted contract…..  Why couldn’t they buy the home?!?!?!
The Buyer’s Agent answer was:  “The seller is in foreclosure and the bank is now involved”.  “Also, the seller has become dis-engaged with their own Seller Agent”.
That didn’t sit well with the buyer…..  And the Buyer Agent was fired.
Come to find out…..  ‘Mom’ worked in the foreclosure dept of a large bank and thought she knew a lot about Real Estate transactions in today’s market…..  She didn’t!!!   She told my client that the realtor didn’t know what they were doing.

So the question is:  Who can you trust? Answer: It has to be yourself.  As those in your sphere of influence might have very different experiences because of ‘when’ they did their loan. Do you think that you can trust their Advice to relate to your specific deal?

Whether it be Real Estate advice or Mortgage Advice, you need to use common sense and try to resolve conflicting information between all parties. Pointing fingers will not solve the problem.  I have talked to a lot of Mom’s and Cousin Eddies over the years.  This seems to alleviate many of the conflicts.

Got questions? Need Mortgage Advice? Call The DallasLoanGuy for an honest no obligation discussion about Mortgage Loans Today!!


Tom Burris
DallasLoanGuy.com
NMLS# 335055
Dallas, TX

214-763-4629 cell/text/nights/weekends

DallasLoanGuy.com
The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

Your Texas FHA Expert andDallas Mortgage Expert.

http://dallasloanguy.com/friends-relatives-real-estate-mortgage-advice]]> Fri, 06 Jan 2012 14:37:00 +0000

Disputing credit reports when applying for your mortgage loan.



Don't do it....!! Disputes need to be resolved before you can borrow on a home loan anyway....

Quite frankly.... If you are disputing items on your credit report.... You are NOT READY to borrow money on a home.

So stop it!!!

Here is the deal.... The FICO score is supposed to ignore disputed items when scoring a credit report. Consumers know this and have been gaming the system for years by disputing negatives right before the mortgage lenders pull a credit report. Well, the lenders have caught on and now require all disputed trade lines on a credit report to be resolved. WHY? Because credit scores are relied upon heavily in the pricing of a loan(interest rate and fees).

Now... If you have something pop up as 'disputed' on your curent report and have forgotten about it.... Then talk to your loan officer about getting this account 'resolved' quickly. The loan officer can use the company that they use to pull credit reports to correct this pretty quickly. If your loan officer cannot accomplish this.... It is time to change loan officers. Do NOT get caught a couple of days before closing with an issue like this... It is simple fo those that know how to correct/fix this underwriting requirement.





Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/


I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
Your Texas FHA Expert and Dallas Mortgage Expert.



Texas FHA Loans- DallasLoanGuy]]> Fri, 11 Feb 2011 01:20:00 +0000
Typically called a 'Kiddie-Condo' loan. FHA allows family members to help their kids buy their first home. Whether they are in school with no income or out in the real world and just need a little extra income to qualify.

FHA allows for a family member to be a non-occupying co-borrower in order to assist in qualifying. This is available when your borrower would qualify for the loan when considering their credit but they wouldn't qualify because of debt ratios, employment, income and assets.  

Adding a NOCB does not resolve credit issues!! The occupying co-borrower must be credit worthy or have no credit at all. Bad credit will kill the deal. No credit - no problem.  

The occupying co-borrower does not have to be employed and does not have to invest in the transaction.  

The DallasLoanGuy Originates, Processes, Underwrites, Closes & Funds FHA Loans in-house. We offer manual underwrites down to 580 FICO.



Tom Burris
DallasLoanGuy.com
Dallas, TX
214-763-4629

"A Home Loan for Every Texan"
http://www.dallasloanguy.com/


Texas Home Loans

FHA Streamline Refinance

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!]]> Tue, 31 Mar 2009 19:03:59 +0000
The calls are starting to come in... And quite a few of the callers have already been advised by the DallasLoanGuy to NOT refinance. It just doesn't make sense for every homeowner.

But, if you have a rate that will adjust in the near future or your fixed rate is 6% or higher.... This might just be the opportunity that is too good to pass up.  It costs nothing to bring your profile to a professional Mortgage Banker for a tune up. And you could save thousands in interest payments over the life of your mortgage. (Note: Some lenders charge an application fee... And should be avoided).

At DallasLoanGuy.com, we refinance Convetional, FHA & VA loans.


FHA clients have a unique option not available to conventional borrowers. The Streamline Refinance.

There are three of FHA Refinance options.

1. Non credit qualifying without appraisal.
2. Non credit qualifying with appraisal.
3. Credit qualifying, or full doc refinance.


The Non Credit Qualifying FHA Refinance, without appraisal.

This loan is a pleasure.  Streamline Refinances WITHOUT an Appraisal. The maximum insurable
mortgage is the Original Loan Amount: The original principal balance on the mortgage (which will
include any upfront mortgage insurance premium) plus the new upfront premium
that will be charged on the refinance. This loan does not require the borrower to re-qualify. Income/debt/assets are not considered. Verification of on-time payment of current loan are the only qualification.
If the borrower doesn't have sufficient equity, the 'with appraisal' option may be required.



The Non Credit Qualifying FHA Refinance, with appraisal.

The maximum insurable mortgage is the lower of the appropriate loan-to-value ratio

applied to the appraiser’s estimate of value or the sum of the existing indebtedness
and related closing costs and prepaid expenses for the refinance.
Again, the income/debt/asset information is not considered. Verification of on-time payment of current loan are the only qualification.


Credit Qualifying

This loan is used when the borrower will experience an increase in payment due to length of term or deletion of a borrower. Assurance of ability to make future payments is considered. The lender must provide a verification of income, a credit report, compute the debt-to-income ratios and determine that the
borrower will continue to make mortgage payments


As you can see, the FHA borrower has many more favorable options than others.... Call the DallasLoanGuy Today to explore whether a Rate & Term Refinance is right for you!!



Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans

FHA Streamline Refinance Dallas Texas]]> Sat, 03 Jan 2009 00:33:00 +0000
Huh? How can that be? Didn't Lending Tree tell me differently? Yes they did!! And they are kind of right, banks competing for your business does help you obtain a lower rate. Borrowers should shop around, getting a quote from both a bank and a Mortgage Broker/Banker. Compare what you have been offered and make an informed decision....But if you use one of the 4 or 5 companies that Lending Tree ‘sells your information to' then you have to cover their overhead that came from Lending Tree. So, now that you are getting this info, you can make an informed decision about exactly ‘how' to shop around and ‘how' to engage a lender/broker/banker.

First, lets look at the facts, it takes a considerably amount of money for a broker/lender to sign up with Lending Tree(or any of the many other lead generation websites). Thousands of dollars!! $10,000 is a number that I have heard from people who have used them to get leads. Then on top of that there is a fee per lead or a fee after the loan funds which can be in the hundreds of dollars. Who pays that? Do you think the lender/broker pays all of that money just so they can offer you the same rates as everyone else? Or do you think they have figured in the costs associated with buying your information when they offer rates and fees? I bet it is the latter....

Next, let's consider why people ‘buy leads' from Lending Tree. Do you think maybe it has something to do with the fact that those loan officers aren't getting enough referrals from their friends, families and networking partners?  It sure does!! Actually, these loan officers that buy mortgage leads are typically new loan officers who haven't built up a network of influence for referrals. Basically, they buy leads because no one is sending business to them!! Do you want to trust your most important financial transaction to rookie loan officer? I wouldn't. Now, while there are some very good loan officers who use ‘purchased leads' as a way to diversify.... I believe that most consumers can do better for themselves by getting referred to good loan officers and doing their own comparison shopping without letting a lead generation website add on some costs.

Have you figured it out yet? Lending Tree spends millions of dollars on marketing/advertising to get the phone ringing. They cover those expenses by selling your information to a bunch of ‘wet behind the ears' loan officer so these rookie loan officers can handle the most important financial transaction that most people will ever make!!

Lets take a pause. Let that last statement sink in.......... kind of scary, huh?!?!

Lending Tree is right, when banks compete you win but they left out the part about how thousands of professional loan officers in the business can offer better terms and rates without the added expenses from the lead generation companies.

So, how do we find a loan officer to handle this most important transaction? How do we know who to trust? As you may have guessed, the DallasLoanGuy has some advice on that topic.

First, I always suggest to folks that they ask friends and family or maybe a trusted co-worker who they closed their home loan with and how they felt about the whole transaction. Next, try asking someone like your CPA or Financial Advisor. These folks know financing. They may even have a relationship with a trusted lender. Realtors are also a good source. They refer business to loan officers several times per month. And with many transactions under their belts, they certainly know who is competent and who is not. Now, that you have been referred.... What's next?

Mortgage Bank or Mortgage Broker? Which is right for you...?

Most borrowers these days have seen better rates/fees through brokers. Direct lenders can and do offer competitive deals, but usually those are for the ‘vanilla borrower' who has a big down payment and no job gaps or other issues that make their deal unique. But how do you really know for sure? Get a quote from one of each. Compare the ‘Good Faith Estimate'(GFE) for rates and fees. Pay particular to the fees numbered in the 800's. The other fees are charged by third parties and the lender does not control these costs. Do not get suckered into a loan with low third party fees to only get surprised later.

Need help? Your realtor/CPA/financial advisor can help you compare the GFE from each loan officer to determine which is the right deal for you.

Remember, this could quite possibly be the most important investment in your portfolio. Do your homework and don't be afraid to ask questions.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans]]> Sun, 14 Sep 2008 15:29:00 +0000
All,

Due to FHA's elimination of Seller-funded down payment assistance programs October 1, 2008 Supreme Lending is implementing the following deadlines:

All FHA loans with seller-funded down payment assistance must:

1.  Have an application date on or before September 19, 2008

2.  Have a case number assigned on or before September 26, 2008

3.  Must be closed and funded by October 7, 2008

PLEASE NOTE THESE DATES COULD CHANGE.  We have not heard from all of our investors at this time.  As we receive more information we'll let you know immediately.]]> Fri, 22 Aug 2008 19:38:00 +0000
With the upcoming elimination of the Seller-funded down payment assistance program on FHA loans October 1, 2008, our Investors that accept Manufactured Housing have decided to discontinue DPA's immediately on this property type.  Tuesday, August 19, 2008 is the last day to lock a Manufactured Home (FHA) with seller-funded down payment assistance.

Tom Burris
DallasLoanGuy.com
Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/


Texas Home Loans Dallas Mortgage Loans]]> Mon, 18 Aug 2008 22:53:00 +0000