My wife and I are under contract to buy our first home ($370K). We were pre-approved in April by our credit union for a conventional loan, 20 years with 10% down, and should close on May 31st. Our scores were ranging from 758 to 789 mine, and 780 to 801 my wife's.
I had 3 dispute comments on my credit report, because I was trying to get some lates removed. I actually managed to get two out of three deleted, but dispute comments were added to these accounts. About two weeks ago, we found out by reading these boards, that it's better to have these comments removed. I called all 3 credit bureaus, and they deleted the comments (it was surprisingly easy).
Today, our LO sent an email asking for the latest bank transactions, because she wants to send the file to the underwriter. My question is: should I let her know about the dispute comments having been removed, even though she never mentioned them when pulling our scores for pre-approval? I want to make sure everything goes smoothly, so I don't want to be too proactive if there is a risk of delaying the process.
Thank you in advance for any reply.
I am not an LO so take this with a grain of salt, but if the LO in question hasn't said they have to be removed, don't borrow trouble.
This is not something they have to know about, this is not something where you can be accused of fraud for if you don't disclose, there's actually nothing in it for you except they may decide "his report has changed, repull!" which shouldn't be a problem, but in a small fraction of anecdotal reports the dispute comments were actually unresolved disputes and then all bets are off. If you were optimized pre-mortgage pull then odds are your score can only go down on a rescore, that's especially true if it's 30 days past the original app.
I wouldn't volunteer this information, though one of the high quality LO's (my opinion having read their posts over time vs. what I know of the industry as a whole) we have on this subject may feel differently though I sort of expected someone to reply to this earlier FWIW.
Thanks for replying, Revelate. We'll refrain for mentioning the comments, and we'll see how it goes. If the underwriter comes back saying they like the comments removed, then we'll let them know we already did that. It's our first time going through this... hopefully everything will go well.