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Wife and I both had 2 "disputes" in remarks from last year. LO recommended a rapid rescore for removal. He submitted the rapid rescore on 4/9/2015. We waited and on 4/15/2015 we decided to just call the credit agencies to remove ourself. After 15min each call, they were removed while on the phone! On 4/17/2015 credit karma showed they are off! We called LO and he said they are still waiting and need the report from the rapid rescore (creditplus) still, regardless. He said if they wait, he doesnt have to do a hard pull and will just use their report they send with rapid rescore. But, we have 14 days before rate lock ends and 21 days until contract on house expires! NERVOUS!
Question?
A. How long does it normally take for rapid rescore? This long?
B. I thought he had to do another pull after? Is he right, and he gets an updated report and doesnt need to pull again if we wait?
C. Should we request a pull due to time?
I've had many questions for my lender regarding report pulls - especially since this is the second lender I've worked with.
According to her, that last and final pull (3 days before closing) is a soft pull, but YMMV.
Previous loan officer stated that a rapid rescore could take up to two weeks to complete.
Sorry for name change. Couldnt log back in.
I think the soft pull is to make sure you haven't any new debt is all?
2 wks for rapid rescore? So much for 5-7 days
From what I'm being told, that final soft pull is to check for no new debt, no increased payments. For example, if you have a credit card that the bill is $57.00 per month on and you put a little on it and the payment doesn't change, no big deal. However, lets say you put 2k on it and your payment goes up to $79 - your DTI would be affected.
At least, that's how my LO explained to me.
And yes, I know... 2 weeks seems anything but rapid. LOL
@Anonymous wrote:Wife and I both had 2 "disputes" in remarks from last year. LO recommended a rapid rescore for removal. He submitted the rapid rescore on 4/9/2015. We waited and on 4/15/2015 we decided to just call the credit agencies to remove ourself. After 15min each call, they were removed while on the phone! On 4/17/2015 credit karma showed they are off! We called LO and he said they are still waiting and need the report from the rapid rescore (creditplus) still, regardless. He said if they wait, he doesnt have to do a hard pull and will just use their report they send with rapid rescore. But, we have 14 days before rate lock ends and 21 days until contract on house expires! NERVOUS!
Question?
A. How long does it normally take for rapid rescore? This long? 3 - 5 days. maybe they are busy or the lo took a while to get it turned in
B. I thought he had to do another pull after? Is he right, and he gets an updated report and doesnt need to pull again if we wait? lo get notified of rescore completed and pulls new report
C. Should we request a pull due to time? no. if it isnt done this will not accomplish anything
Sorry I wasnt clear. My fault. We know 100% the remarks have been removed. We looked on Friday. So, pulling it and not waiting for rapid rescore would be the same, no? If not, please explain. Confused.
Any other opinions?
Thanks
The correct sequence that your loan officer should follow is to pull a new trimerge report once the disputes have been removed. A rapid recore is usually done by a lo when a bill has been paid, or an issue has been resolved, and you don't have time to wait for it to be reported through the normal process. The LO will normally submit documentation [provided by the borrower] to the credit agencies via the lender channel, and then pull a new report once the updates have been completed. Based on this process, your LO would use your confirmation that the disputes have been removed and then he/she will pull a new report. Understood?
(Double post) Check next comment.