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About seanote

  • Birthday August 24

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  • Location
    Boston, MA
  • Interests
    FICO scores, Mortgages, Baseball!

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  1. I'm a licensed mortgage originator and can confirm Fannie Mae nor HUD require an installment trade line. General underwriting requirements are that when a tri-merge credit report is pulled, there is enough information within the report to generate a score. Most lenders have an underwriting "overlay" that there are a minimum of three open trade lines, reporting as individual and satisfactory.
  2. I didn't dispute with Innovis, the derogatory tradeline wasn't reporting on my report. I did send the initial disputes CMRR.
  3. So, I disputed a charge-off that appears on my Transunion, Experian, and Equifax reports. All three bureaus verify the tradeline. I follow-up with a "Method of Verification" request to all three bureaus, sent via USPS certified mail (text of MOV letter is included below). Instead of replying to the MOV request, all three bureaus open a new dispute into the tradeline. After more than 30+ days without a response, I filed complaints with the Consumer Financial Protection Bureau against all three bureaus. The CFPB complaints were filed on 5/11/20; Experian and Equifax have not responded yet, but Transunion responded on Saturday, 5/16/20. Their reply to my complaint is as follows: The CFPB immediately closed my complaint on 5/16/20 after Transunion's "response". Any suggestions where I go from here? I have no idea what the point of having some federal administrative agency is if they don't have any purpose to follow through on consumer law issues. Here's the original text of my MOV letter:
  4. Hi @shifter I received the complete account history from the client, which was provided by BMW Financial. All four of the payments posted and were applied to the account on the first of each month following the payment due date of the second of the prior month. Even though there were never two payments outstanding at the same time, BMW reported two of the four payments late because the due dates for those two payments fell in a month with 31 days, so technically the payment on the first of the month was exactly 30 days past the due date of the second.
  5. Looking for some guidance on what date a furnisher can report an account 30 days late. I’m a mortgage broker, and I have a client that has two 30 day lates on an installment account (auto lease). The furnisher, BMW financial, has reported two 30 day late payments over the past 33 months of the lease. The monthly payments are due on the 2nd of each month; four times over the past 33 months, the client has made their payment that was due on the 2nd of the month on the 1st of the following month. Out of the four late payments, two of the due dates fell in a month with 30 days, and two fell in a month with 31 days. I‘m aware that the two payments that fell in a month with a due date that had 31 days were made exactly on the 30th day after the due date. For mortgage servicing reporting, an account is reported 30 days late when a payment isn’t made prior to your next contractually payment due; for example, if the February 1st payment is made on March 1st, the account would be reported as 30 days late, even though 29 days have elapsed, since there are two outstanding contractually payments due. If the March 1st payment is made on March 31st, the payment would not be reported as 30 days late, since the March 1st payment was made prior to the April 1st payment being due. I’m trying to get the client’s score increased by 11 points so they’re eligible for a better interest rate, and I was surprised that BMW Financial reported the payments as 30 days late. Anyone have any insight on how these are reporting. I’ve read the FCRA, and it seems that the furnisher is within their right to report them as 30 days late. I’ve had the client try to get them removed goodwill, with no luck.
  6. Hey nolimits, I'm a loan officer, and based on the rate you posted that you've been quoted, it sounds like the lender that provided it to you is qualifying you through a portfolio loan product, rather than a Conventional product (Fannie Mae or Freddie Mac) or an FHA product. I'm not sure why, but since you mentioned that you are self-employed, I am assuming that your debt-to-income ratio won't qualify for a Conventional product, which is common with SE borrowers, as they take the IRS deductions that they're eligible for. I'd suggest you ask exactly what kind of loan program you are being quoted on -- is it an agency product or a portfolio product? I'm in a BNI group, and all of my group members are self-employed. They all take as many deductions as possible (who doesn't?!), but unfortunately, the end result is that their net income on their tax returns is too low to qualify for a Conventional loan. The solution I provide them is to offer them a "Portfolio" loan product, called a "Bank Statement Mortgage". With a Bank Statement Mortgage, the loan is manually underwritten, rather than electronically underwritten, which Fannie, Freddie and FHA loans are. The manually underwritten Bank Statement Loan doesn't require any tax returns, but rather the last 12 months of your business bank statements. The way income is calculated, the underwriter identifies all of the deposits on the bank statements that are related to the business. They use a 12 month average of the business deposits only, multiple that number by 50%, and that figure is used for your monthly income. For example, let's say you have gross deposits of $22,000/month that are reflected on your bank statements. The $22,000 figure is multiplied by 50%, which is $11,000, and that is the amount used for your monthly income. Similar to a Conventional loan, you can go up to a debt-to-income ratio of approx. 43%, so in the example above, the maximum amount of your total mortgage payment, as well as any monthly liabilities that appear on your credit report, would have to be at or below $4,730/month. Based on today's interest rates, the rate is between 5.990% and 6.250%, with a 10% down payment and a minimum credit score of 600. Definitely ask your lender some "probing" questions, and use some industry jargon, just to let them know that you know what you're talking about. -Pat
  7. I'm a loan officer, and based off of current interest rates, YTD, as well as the fed announcing that they're not anticipating to hike rates for the remainder of the year, 3.875% in the near future doesn't look likely. I copied & pasted the "back-end" lender rates below. This is called "raw pricing", before there are any margins added and passed on to the consumer. Based on today's rates, the "par" rate is 4.125%, and your target rate of 3.875% has a cost of $970 for every $100k borrowed just to get to par. Fannie 30yr Fixed (04/19/19) Rate 30-Day Lock 3.875% .970 4.000% .548 4.125% (0.027) 4.250% (0.597) 4.375% (1.102) 4.500% (1.573) 4.625% (1.897) 4.750% (2.036) 4.875% (2.605) 5.000% (2.877)
  8. Hi ronkar, I'm a mortgage banker, and the waiting period to obtain a home mortgage varies, depending on what agency you're obtaining your mortgage from. The USDA waiting period after a foreclosure, short sale or deed in lieu is 3 years. The FHA minimum waiting period is 2 years. The waiting period for a Conventional home loan, either Fannie Mae or Freddie Mac, was previously 4 years, but both Fannie & Freddie reduced the waiting period from 4 years down to 2 years, as long as the foreclosure, short sale or deed in lieu was an extenuating circumstance, caused by a "Significant Derogatory Event". For example, if you can document that an illness/death, job layoff, or a divorce caused a significant decrease in income, that would qualify as a "Significant Derogatory Event", and you could possibly qualify to reduce the waiting period from 4 to 2 years. Also, the USDA is an attractive option because they allow 0% down payments, but even though the FHA minimum down is 3.5%, the FHA allows for 100% of the 3.5% down payment to come from DAP (down payment assistance) grants. Depending on where you live, I have resources for local and national down payment assistance programs.
  9. Thanks TampaDude... I'll read through that section of the FCRA.
  10. I am disputing a few public record negatives; a fed tax lien, state tax lien and a paid judgement. I did dispute one of them previously, and it came back as verified. The local county courthouses do not respond to credit bureau verification requests, and I know that EX/EQ/TU pull public record info online from LexisNexis or some other source when these accounts are disputed. My question is, once my disputes come back verified, should I just request a MOV? Is there verbiage in the FCRA that states that the bureaus must verify the info directly with the entity that is listed on the credit report as the data furnisher? Ultimately, I know I'm going to have to reply to EX/EQ/TU asking them how they verified disputes for the liens/judgement.. is there a certain section of the FCRA that I can cite when I send in a MOV?
  11. I already have a Barclay's US Air MC - can I apply for a second one?
  12. I just called Capital One 360 customer service - the rep told me that you can only receive one $100 bonus...can anyone confirm that they received both bonuses. Also - did you have to apply for the checking & savings separately? If so, what did you apply for first - the checking or savings account?
  13. I have a Lowe's store card with a $12k credit limit. I'm called them today to add somebody as an AU to my account. The only info they required from me was the AU's name. I asked them if I could provide their SSN, and also if my account history would report on the AU credit report. The Lowe's rep I spoke with was an Indian, and had no clue what I was talking about. Does anyone have any experience adding an AU to their account and having the account show up on AU's credit report? Thanks :-)
  14. I applied and was approved for a Lowe's store card, as well as a PayPal Mastercard. I believe there were 2 separate hard pulls for each application. I was interested in applying for an eBay Mastercard - the Lowe's/PayPal/eBay cards are offered through Synchrony Bank - has anyone had success applying for multiple Synchrony cards using the same credit report (1 hard pull)?

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