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Type of credit report pulled with mortgage financing.


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Does anyone know the name of the credit report pulled when banks are looking into financing a mortgage or other large loans? I have been told they use a more in depth credit report that is not the normal credit report. Does anyone have specifics on this type of report? Are there any laws regarding this type of report? 

 

Thanks. 

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5 hours ago, Indy17 said:

Does anyone know the name of the credit report pulled when banks are looking into financing a mortgage or other large loans? I have been told they use a more in depth credit report that is not the normal credit report. Does anyone have specifics on this type of report? Are there any laws regarding this type of report? 

 

Thanks. 

there is a type of report called a "full factual" that is more of a theory than a real report product used in any regular manner by lenders. Like all consumer credit reports, there are laws governing them, such as all information needs to be accurate.

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5 hours ago, hegemony said:

"full factual" that is more of a theory than a real report product

what exactly does that mean? They existence is conjecture, or how the make this report? Am I able to get a copy of one? 

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@hegemony Thanks for this info. 

 

My question is this, is it possible that the bank was seeing information not on my normal credit report? I suspect that is the case, because I was told there were more things in collections than what shows on the report. It was only a number value, so it is possible the banker mispoke. However, I am questioning if he saw things that were removed off my report.  

 

The letter from the bank is saying only Transunion was used. There a history of low and high credit score. I have never seen such a thing before. 

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At which point in the mortgage application process was this information pulled.  For a full evaluation for final consideration, I've never encountered a mortgage company that didn't pull from all 3 bureaus via the consolidating reporting entity Factual Data.

 

 

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@hegemony 

 

Yes I was declined. I have things in collections, but I thought my credit rating was better. Showing credit of 619. 

 

collection action of judgment 

delinquent past of present credit obligations with others. 

 

"score ranges from a low of 309 to a high of 839."

 

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RMCR is more of an upgrade from a traditional credit report.

 

A mortgage originator would order an RMCR when there are multiple accounts that need to be verified.  The mortgage company can have one account at a time verified for a per-item fee, but when there are more than X things to be verified it's often more cost effective to order an RMCR, which includes multiple verifications. 

 

This would happen after the loan file has gone to underwriting, so it's not like they'd "pull an RMCR" immediately upon application.

 

I believe this is still among the most common use cases for the product, and that's how Credco describes their offering in this marketing piece (see bottom of page four).

 

https://credco.com/uploadedFiles/Credco_Site/Solution/Lender_Services/lender_solutionset.pdf 

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6 hours ago, Indy17 said:

@hegemony 

 

Yes I was declined. I have things in collections, but I thought my credit rating was better. Showing credit of 619. 

 

collection action of judgment 

delinquent past of present credit obligations with others. 

 

"score ranges from a low of 309 to a high of 839."

 

 

Here's a thread on mortgage FICO scores.  There's a specific version that's used for this transaction type:

 

 

Also note that you can have a qualifying score while also having negative TLs that the mortgage company requires you to address.

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On 10/2/2021 at 4:32 AM, cv91915 said:

RMCR is more of an upgrade from a traditional credit report.

 

A mortgage originator would order an RMCR when there are multiple accounts that need to be verified.  The mortgage company can have one account at a time verified for a per-item fee, but when there are more than X things to be verified it's often more cost effective to order an RMCR, which includes multiple verifications. 

 

This would happen after the loan file has gone to underwriting, so it's not like they'd "pull an RMCR" immediately upon application.

 

I believe this is still among the most common use cases for the product, and that's how Credco describes their offering in this marketing piece (see bottom of page four).

 

https://credco.com/uploadedFiles/Credco_Site/Solution/Lender_Services/lender_solutionset.pdf 

 

I just went through this process, and CV outlines it well.  I was in the camp of one off updates, and Factual Data (Credco is another company that does the same thing) called my creditors with me on the line (for security verification/release permission) to get an updated account status.  In both cases my auto leases need more current info (one was paid/closed and the other hadn't been updated with CRAs in 3 months).  This was done after the loan application went to U/W, not upon initial application, and there was no additional inquiries (for those wondering).

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