Please help all mortgage experts?

[Anonymous]

What constitutes an "open dispute"? 

[DallasLoanGuy]

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@Anonymous wrote:

What constitutes an "open dispute"? 

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you disputed item and it is not yet resolved.

lenders see a consumer saying they 'dispute' item they require the borrower prove the dispute is resolved.

[Anonymous]

So if I disputed and it came back verified, but the comments say "account disputed by comsumer", this should be a 'closed/resolved' dispute, right? So I should be okay, or should I still ask the CRA to remove the comments?

[Anonymous]

I just looked at my EX  report, and some accounts have the 'account disputed by consumer' comments, and others have ' This item was verified and updated on Apr 2008' or This item was verified and remains unchanged'. Are these last two comments okay? Sounds to me like it would mean that the dispute has been resolved and closed.

Am I right?

Thanks,

Jelly

[DallasLoanGuy]

have cra remove comments because automated underwriting cannot distinguish the difference between open disputes and consumer comments.

will be a head ache later

[Anonymous]

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@DallasLoanGuy wrote:

have cra remove comments because automated underwriting cannot distinguish the difference between open disputes and consumer comments.

will be a head ache later

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Which comments should be removed? The  'account disputed by consumer' comment or the 'This item was verified and updated on Apr 2008' and 'This item was verified and remains unchanged' comments? The latter two comments don't say anything about the account being in dispute. These state that the account was previously in dispute, but has now been verified or updated and the dispute is closed, right?

[Anonymous]

huhu, well back to my original thread..

Called some mortgage guy and gave my info and unfroze TU and EX and just did credit secure and see that those reports were pulled by a mortgage company EQ was not pulled. The thing is that he has yet to call me back and it's going on 3hrs since I gave him those information. Isn't preapprovals instant?

[Anonymous]

update:

Mortgage guy just called back I'm preapproved for $110K he said credit is excellent and should have no problems.

I'm having second thoughts now though.. do I really wanna do this because I may want to buy a house myself in the coming future.

[DallasLoanGuy]

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@Anonymous wrote:

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@DallasLoanGuy wrote:

have cra remove comments because automated underwriting cannot distinguish the difference between open disputes and consumer comments.

will be a head ache later

---

Which comments should be removed? The  'account disputed by consumer' comment or the 'This item was verified and updated on Apr 2008' and 'This item was verified and remains unchanged' comments? The latter two comments don't say anything about the account being in dispute. These state that the account was previously in dispute, but has now been verified or updated and the dispute is closed, right?

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get rid of the the 'customer disputes' part.

i will be talking to Kroll Factual Data about this soon. And I will try to talk to Fannie Mae as well.... This is a fuzzy issue that I guess is up to me to get to the bottom of....

But, for now, all of you reading this..... just remove all of the dispute comments and STOP DISPUTING before applying.

If you are disputing your credit report..... You aren't ready for a loan.

[Anonymous]

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@DallasLoanGuy wrote:

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@Anonymous wrote:

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@DallasLoanGuy wrote:

have cra remove comments because automated underwriting cannot distinguish the difference between open disputes and consumer comments.

will be a head ache later

---

Which comments should be removed? The  'account disputed by consumer' comment or the 'This item was verified and updated on Apr 2008' and 'This item was verified and remains unchanged' comments? The latter two comments don't say anything about the account being in dispute. These state that the account was previously in dispute, but has now been verified or updated and the dispute is closed, right?

---

get rid of the the 'customer disputes' part.

i will be talking to Kroll Factual Data about this soon. And I will try to talk to Fannie Mae as well.... This is a fuzzy issue that I guess is up to me to get to the bottom of....

But, for now, all of you reading this..... just remove all of the dispute comments and STOP DISPUTING before applying.

If you are disputing your credit report..... You aren't ready for a loan.

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Hi Dallas,

If I am not ready for a loan now, I don't know if I will never be. I started out with 497 EQ score. Now I am at 617,  with more points to come once all balances show zero after I have paid off 7 accounts. My income is at least $15K higher and I have funds in the bank. I only disputed the collections because I did not know why they were on my CR. I don't know why it still says 'consumer disputes account information'. I disputed  these accounts in 2008. I will call and see if I can get these comments removed. Hopefully, I won't have any trouble.

I really feel that I am ready, but of course I am not a loan professional. I will plan to meet with my LO and see where I stand. If I need to wait, I'll wait. Buying a house is definitely not something to rush.

Thanks for all of your input and I will keep you posted on my progress.

Jelly