How To Get Mortgage **Lender Facing** Credit Report?

[denny123]

So I was just informed from a very smart banker that if you come into any bank or mortgage brokers office for a Desktop Underwriting pre-approval that you can look at the lending facing report, you can talk about the lender facing report, but they can't physically give it to you to take home because of regulations. I even asked whether or not you could take a picture of it with your phone and he said "I've never been asked that before in 10 years, I don't know!"

But he did say that the credit reporting agencies now sell a lender facing report if you want one. Where is that? How much are they? Can you get that from other sources without paying?

 

We want the method of payment numbers off of a lender facing report. A customer facing report don't have them. And if you tell a banker or mortgage broker that you would like a copy they don't give you the lender facing report and instead they have to provide you a free one via submitting a request for a customer facing report on your behalf of which you'll receive later.

 

So any good tips for acquiring a lender facing report?

[Good Mama]

please tell me what is an lender facing report?

 

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[denny123]

Good Mama, the credit reports that you get when you go on AnnualCreditReport.com or get from the credit bureau's are customer facing reports. They look a bit different than a lender facing report which is what a mortgage underwriter, mortgage broker, or banker sees when they pull your credit.

 

One key difference between the 2 is that the lender facing report has something called a method of payment(MOP) number associated with each account. That number is actually really important because that code is how their software(like Desktop Underwriter which is Fannie Mae's software package for all lenders) can read the credit report so easily and give instant pre-approvals.

 

So on their end it looks like this:

 

111111111111111111111111111111111111111111 I01 <<<<First letter stands for type of tradeline(I = Installment). 01 stands for the worst MOP coding on that tradeline that has ever been recorded.

vs.

111111111123445555555411111111111111111111 M05 <<<<Now if we're talking about a past short sale this account would get a Desktop Underwriter to approve as long the short sale was completed more than 2 years ago and you're putting 20% down. But from there the bank usually has their own underwriting standards(called overlays) beyond Desktop Underwriter which could cause them to still reject it.

 

vs.

 

111111111123445555881111111111111111111111 M08 <<<<This will get denied by desktop underwriter because the previous lender coded it as worse than a short sale(settle for less than full amount) and instead as a charge off(foreclosure). The DU software will then handout a notice to the lender saying something like "Underwrite with extreme caution" and 99% of the lenders out there will through their hands up in the air not wanting to mess with it and turn you down for a mortgage. You would only have lenders left that agreed to manually underwrite in which they would pour over all of the documents from the past short sale to determine if it made sense to still issue the loan.

[Good Mama]

I will check I have and pdf that the lender pull and email me.

 

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