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My loan officer is asking for a letter of explanation for any derogatory mark on my credit report for the past 7 years. Is this normal? I thought it was usually just the last 2-3 years? I can't remember what I did last week much less why I might have missed a payment here or there 7 years ago
Anyone?
I don't know if its normal or not, but I agree they can ask for whatever. I know mine just had me recite the dates for addresses I lived in from as far back as 2009.
Might be a lender overlay? Maybe for peace of mind for the underwriter. I usually don't ask for those unless my underwriter specifically asks for an LOX
I'm not sure... I know my file has not went to the underwriter yet. The problem is my last CR that I pulled through MyFico has expired and the LO hasn't given me a list of the lates/derogatory marks that I need to explain. They just said explain anything on the report. Do they normally give you a list of the derogatory marks or do I need to pay for another credit report myself?
Mine printed out a list and handed it over for me to fill out. Easy peasy.
If there are any addresses in the credit report, explain those. Other than that, there is nothing to explain.