Underwriters are killing me

[dobirdsmommy]

Now they want 5 year old charge offs paid. 1 is for 207. Another 406. These two are factored into my utilization. And they want charge offs showing no balances to be paid that were sold but not reporting on my CR just the OC is. is this normal?

[MovingForward_2012]

Usually, UW will let a CO or collection slide if it is old enough. What is your credit score? Paying those will hurt your score. I would ask to pay them at closing.

[DallasLoanGuy]

what is normal?

but, no, most lenders do not require them to be paid.

who is the lender? others here need to know who to steer clear of

[dobirdsmommy]

The two I still owe money to from 2008 is first premier for less than 650. Cap 1 and HSBC showed sold but not sold to and the CA is not on the CR nor are they contacting me, and they show 0.00. My score is 649 middle Combined income is 150k with 50k down. I am going thru a broker thru my RA. His in house UW is requiring it.

[MovingForward_2012]

The in-house lender told me that the unpaid collection from 2009 in the amount of $1100 did not have to be paid because my credit score was well above the requirement (703 vs 660) but I would think $50K down would offset your score. Do you have any other derogatory info on your report that is paid? My LOE also detailed how I was ripped off by this company basically and I don't know if that made any difference or not. Or all this could just be specific to the lender and they don't let anyone slide. No one knows for sure what their issue is but I'm truly sorry you have to go through this extra stress.

[JM-AM]

You say Broker but Broker still dealing with a Lender unless a Mortgage Banker who is funding the loan themselves. If its a Mortgage Banker what is name of the Company?

[dobirdsmommy]

residential home funding, corp in NY

his answer was...

 I thought FHA okd collections under 1000?...

his response was

..we're OK with medical collections under 1k depending on other factors.but not non-medical collections

[DallasLoanGuy]

---

@dobirdsmommy wrote:

residential home funding, corp in NY

his answer was...

 I thought FHA okd collections under 1000?...

his response was

..we're OK with medical collections under 1k depending on other factors.but not non-medical collections

---

have to ask these lenders up front what their policy is.

this is a lender guideline overlay.... the loan officer took yoour deal KNOWING that they would have to be paid and waited to let the uw be the bad guy.

i hate it that this happened to you

[dobirdsmommy]

I can pay the 2 first premiers at closing! Thank you for that comment!

[JM-AM]

Personally I would change Lo or Broker. Just because he wasnt upfront with you.