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Supplemental Credit Report for Underwriting

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0REDSOX7
Valued Contributor

Supplemental Credit Report for Underwriting

Hoping someone can help me understand something.

 

I am 11 days away from closing on our home loan (first loan since our BK discharge).  The process has been fairly straight forward considering the bankruptcy, and have been told we have went to underwriting and have been conditionally approved.  One of the items on the conditional approval list was a "Supplemental Credit Report" for Nationstar Mortgage.  Now - my original mortgage was with Bank of America and subsequently sold to Nationstar about a year and a half after my discharge.  Nationstar has not once reported to my credit report (which is proper), but my loan officer and processer (I am using Guaranteed Rate, FYI) said that I would receive a call from CBCInnovis (who they use to pull credit reports from) about confirming this.

 

I'm confused as to what this is.  He explained it as part of their underwriting guidelines that, for a discharged mortgage, it needs to show it being paid on time since it was sold to Nationstar.  He said it would not show up on my credit report - but would be internal for them and CBCInnovis and that, in the future, if any lender pulled from them, they would get this "supplemental" report.  I am not concerned about the payment history - it is flawless with Nationstar - but I have never heard of this before.

 

On top of being told I may be doing a "Dry Closing" next Friday because the buyers agent of my current house scheduled the closing at 3PM on a Friday instead of the morning so we can close on the same day, my stress level is through the roof right now.

 

Can someone out there please calm my fears?  Is this normal?  Okay?  Anyone?

 

Okay, end rant!

BK Discharge 2/11/14

Currently in the garden.
Message 1 of 12
11 REPLIES 11
Appleman
Valued Contributor

Re: Supplemental Credit Report for Underwriting

bump, sorry no idea

Message 2 of 12
Anonymous
Not applicable

Re: Supplemental Credit Report for Underwriting

I did a supplement for my capitol one cards. Its easy but dont wait for them to call you. Get your case number and call them. I had the supplment back in 15 mins after I called EMS and conferanced with capitol one

Message 3 of 12
StartingOver10
Moderator Emerita

Re: Supplemental Credit Report for Underwriting


@0REDSOX7 wrote:

Hoping someone can help me understand something.

 

I am 11 days away from closing on our home loan (first loan since our BK discharge).  The process has been fairly straight forward considering the bankruptcy, and have been told we have went to underwriting and have been conditionally approved.  One of the items on the conditional approval list was a "Supplemental Credit Report" for Nationstar Mortgage.  Now - my original mortgage was with Bank of America and subsequently sold to Nationstar about a year and a half after my discharge.  Nationstar has not once reported to my credit report (which is proper), but my loan officer and processer (I am using Guaranteed Rate, FYI) said that I would receive a call from CBCInnovis (who they use to pull credit reports from) about confirming this.

 

I'm confused as to what this is.  He explained it as part of their underwriting guidelines that, for a discharged mortgage, it needs to show it being paid on time since it was sold to Nationstar.  He said it would not show up on my credit report - but would be internal for them and CBCInnovis and that, in the future, if any lender pulled from them, they would get this "supplemental" report.  I am not concerned about the payment history - it is flawless with Nationstar - but I have never heard of this before.

 

On top of being told I may be doing a "Dry Closing" next Friday because the buyers agent of my current house scheduled the closing at 3PM on a Friday instead of the morning so we can close on the same day, my stress level is through the roof right now.

 

Can someone out there please calm my fears?  Is this normal?  Okay?  Anyone?

 

Okay, end rant!


Completely normal and nothing to worry about.

 

I have had excellent experience with Guaranteed Rate.  I am a little surprised to hear about the dry closing. I have never had a dry closing with Guaranteed Rate (and I use them all the time for my buyers).  

 

However I almost never close on a Friday, especially at the end of the month!  As an agent I prefer to schedule closings Monday through Thursday because Fridays are crazy busy and there is too much room for error at the last minute when you have too much going on (my feelings anyway).  I also do my best to stay away from the last week of the month - especially the last few days. It is an extremely busy time for both lenders and title co's. 

Message 4 of 12
0REDSOX7
Valued Contributor

Re: Supplemental Credit Report for Underwriting

Dry Closing is not ideal - but is what all parties involved agreed upon given we would be homeless as a result of the late schedule on a Friday.  It was not our plan for this to happen - but, given we have ZERO control over the buyers' agent and her schedule - we have to take what was given to us.  Our closing was originally scheduled on the 11th (Monday) - but since we can't be homeless for the weekend - the sellers of our house agreed to all of these things (nice for them - but like you said - leaves little time for last minute errors).  Our only consolation is that the parties we are dealing with deal in real estate all the time, and told us this is perfectly normal.

 

Turns out that they could not do the supplemental report since Nationstar was never on my credit report to begin with (what do you know, - Nationstar did something right) - so, I had to give 12 months of bank statements and statements from Nationstar showing it was paid on time.  Hope that suffices and pleases the underwriter.

BK Discharge 2/11/14

Currently in the garden.
Message 5 of 12
DallasLoanGuy
Super Contributor

Re: Supplemental Credit Report for Underwriting

very normal. we do this a lot

 

Retired Lender
Message 6 of 12
Anonymous
Not applicable

Re: Supplemental Credit Report for Underwriting

What are the paticulars of your new mortgage with Guarenteed Rate?

 

Amount, amount of down, rate, points, and any lender fees?

 

Thanks- currently looking for a lender that lends in WA state.

Message 7 of 12
0REDSOX7
Valued Contributor

Re: Supplemental Credit Report for Underwriting

 

BK Discharge 2/11/14

Currently in the garden.
Message 8 of 12
ezdriver
Senior Contributor

Re: Supplemental Credit Report for Underwriting


@0REDSOX7 wrote:

 


I am very happy to see you moving on to your next home with your family. I have followed your story and you certainly deserve a huge amount for credit for doing what needed to be done so you can now reap the rewards of homeownership again. All the best to you and your family.

 

Since the new lender really needs to ensure that ontime payments were made on that discharged mortgage, there are only a limited number of ways for that verification to happen. You payment checks should suffice.

Message 9 of 12
0REDSOX7
Valued Contributor

Re: Supplemental Credit Report for Underwriting

Thanks, EZ!  They were able to use my statements and Online BIll Pay history instead.  And with that...

 

...

 

...

 

I received the "Cleared to Close" notice today with the only final condition of proof of payoff of my previous mortgage - which, will happen next Friday.  I will receive my Closing Disclosure either today or Tuesday.  So excited to be moving on with the next chapter.  It's been a long hard road, but with the help of all of you on here, I am close to the end!

BK Discharge 2/11/14

Currently in the garden.
Message 10 of 12
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