Mortgage Loans

[MisseyElliott]

A mortgage broker who illegally pulled my credit report is saying, he is sure I will be able to get an FHA loan.  How did he pull my credit report?  He received my information from when I worked with him about a year ago.  I decided to wait because my scores were too low to afford anything.  So I called him earlier this week and asked him about the market.  He said the market was great for buyers and we should set up a time to meet.  I said ok.  Today I received an alert that an inquiry hit my account.  I quickly called him ready to go off.  (He did not know I was a Ficoaholic so he was surprised)  Immediately he said he is extremely sure he can get me an FHA loan.  I calmed down.  He said he will have to get it looked at by an underwriter on Monday.  I did not give him permission so I am going hold him to this.  If he can get me the loan I will let him do it.  If he cannot, I will get a police report (He will learn his lesson, dont mess with a Fico Maniac).  Quick question for Brokers 1 In your opinion does this look promising?  2.  What is the score range for FHA?

[ilovepizza]

Very rarely are brokers part of the approval decision. They normally just type in the info for your apps similar to if you applied online in a lot of cases. No idea if he just said that to get your business or if he believed it.

However a friend of mine was denied for a car loan and the loan rep got directly on the phone with the underwriter and for 30 minutes pushed the underwriter to finally approve him. It can happen, but premature, very premature. My my opinion is that reps don't have a say usually. They like to say your will be approved so they can try and get commission. Some get commission even if you are denied just for an app.

Just make sure they remove the inq. A simple letter stating it was in error should be enough to remove it. Or they can soft code it. Or just remove it them selves. It is very easy for them to remove it if they want to. But someone has to be willing to take the 10 minutes to log in and update it. They may have pulled all 3 CRAs.

Message Edited by ilovepizza on 04-04-2008 01:51 PM

[ladylpk74]

Missey be careful. I am not sure if I would want to work with someone unethical (even if he could get me the loan).

[ShanetheMortgageMan]

1.  Does it look promising?  Yes, I've also told you that in many of our emails back n' forth to each other.

2.  With a majority of lenders FICO scores do have an impact on qualifying for FHA these days, although there are still several FHA lenders who have not imposed minimum FICO score requirements.

[MisseyElliott]

Long story short that lender I mentioned earlier could not approve us.  I waited a month and went to my US BANK lender.  Good news  We were approved for an FHA loan through USBAnk.  Today we gave her all of the information required.  Made an offer on the house and it was approved.   The seller will help us through the Niemeih program.  They are going to pay our 3% and most of our closing costs.   But I am still nervous about the situation.  The seller has to move because they have a condo being built in Branson.  So if the appraisal somehow gives a different look at the price, then they should be willing to work with us.  What else can go wrong?  I understand the underwiter still has to go through our information.  By the way I work in a diivsion of USBANCORP and will get a extremely low interest rate.  Right now it is in the mid 5's.  BUt I am not locked in yet.     

[slyhouse08]

Congrats...there is a PP letter you could have sent the LO for a $1000 fine...but you took the risk..sorry it didn't work out...well at least it worked out for you eventually...I'm starting the FHA loan process on Monday...I hope it works out...

[monro411]

Congratulations Missey,

I have helped you on several occasions and watched you grow.   I am not sure if you are out of the approval stage yet.  I know they will still have to verify all the information.    Since FHA did approve you and if everything is correct  that you stated,  I could guess that it would be difficult for you not to get the loan.  FHA takes the risk out of the loan for the lender.  Can anyone elaborate further?

BUMP