FHA RAPID RESCORE QUESTION

[Anonymous]

Hello All,

   We just signed a contract on a home and have a finance contingency until April 7.  My husband's scores are ready to go, but I am lurking under the 620 mark with high cc util keeping my scores down.  I paid cc util down to 24% from 90% in early March so I am certain my scores will jump, but we are crunched for time.  When I asked our broker about rapid rescore, she said that she could do it, but that Fannie/Freddie will pull a report right after we are run through the AUS and their report will not be rescored/updated.  Is this true? What is the point of rapid rescore if it only gets us approved through the computer, then to be denied by the lender when they review our file??? Please clarify if you have any idea- I am confused.

[DallasLoanGuy]

Rapid rescore will update at the bureau level......

Fannie/Freddie will not pull credit AT ALL!!!!!!!! (your lender will re-pull thru the automated underwriting system because they don't know how to 're-issue' their report into the system)

Your loan officer doesn't know what they are doing!!

[Anonymous]

How do you suggest I go about asking her about this? We are in the middle of approval with this broker and don't want to lose this house!!! If the updates are at the bureau level, they will be visible to everyone, including the re-issued report, correct?

[DallasLoanGuy]

Yes, the new report should reflect the changes.

Although I have seen some anomolies.

Is your deal hard? Maybe a good loan officer can step in.... one that knows how this stuff works.

It may work out with the other loan officer. Tell them to re-issue their rescored credit report thru automated underwriting system instead of ordering a new one to be safe.

If they get 'deer in the headlights' on you.... you should SERIOUSLY look to another loan officer.