No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I have read in the guide that the TOTAL Scorecard requires explanation of derogatory credit in the last 24 months but not after this. So I have a client with an Approve/Eligible response but the u/w suspended the file pending a LOE. I guess they can do this. My client was sick for over 4 years and had medical expenses to the tune of over $60,000. SHe los about this same amount of income from 2010-2014. She had late payments on her mortgage in 2015 though but no lates on the mortgage for 1 year to current. But she had some consumer lates on 2 capital one cards. About 4 this year. If the underwriter doesn't like the LOE for the lates, can the loan be denied? Everybody has lates, and DU didn't give a refer/eligible but an approve eligible response...
To be direct...YES they can be denied by UW due to the LOE. I was a mortgage banker for 10+ years. The underwriting today is absolutely insane. The things required are like giving up your first born...If you were smart you would start shopping the deal around and have 2 other lenders as backup.
The underwriter has a responsibility to confirm the AUS findings are correct & if not, they are required to downgrade the findings to a manual underwrite or even a denial.
Per your post, your borrower has had late payments in the last 24 months including mortgage lates so I would be seriously concerned about your loan getting approved.
I hope you have a great LOE. Good luck.
underwriter doesnt have to approve something just because au gave it an approve/accept
'underwriter discretion' is the reason they use to kill deals they dont like.
i used to work for a company who used 'underwriter discretion' as a weapon it seems. i dont work there anyore.
technically, au accepted the credit. it is insurable and saleable. maybe the uw just power tripping