Howdy all,
Well, we are in the middle of our loan app which has passed Au with approve/eligible. The loan officer has outlined some conditions, one of which was to remove dispute remarks on 3 equifax accounts. Well, called our good friend Dorothy who quickly removed the dispute remarks and had a confirmation statement sent. Unfortunately, the statement they provided is not good enough for our loan processor.
This evening she (lo) calls and says the statement came from an Equifax affiliate, CSC Credit Services. They are unable to verify the relationship to Equifax, but moreover, what they are needing is a letter from the CRA's verifying the dispute comments have been removed. Has anyone had any experience with this? I'm hesitant to contact the CRA's as they may refuse and instead demand payment, or offer to with a promise of payment; something along those lines. The accounts are all over 6 years old, so my other option is to wait another 18 months or so and reapply. I asked the loan officer if a letter on Equifax letterhead would suffice, but she is not budging; the letters must be on the CRA's letterhead.
While I'm on the subject, I do have another question. The loan officer is also asking for terms/conditions on retirement plan regarding withdrawing money for down payment/reserves. I explained to them we are not intending to use retirement money as my pension plan does not allow for withdrawls outside of retirement or seperation from the company and did not intend it as reserves. It is my understanding that FHA does not require reserves except in situations where compensating factors are needed. The retirement plan is worth almost $30k. This was explained prior to submitting the app. She explained they only need it for their documentation and is not being considered as reserves or for down payment as we have an AU approval already. I'm rather skeptical as the dti she calculated is 46% back end and mid score is at 640 TU (FHA loan).
Any thoughts on the matters? Thanks!
