05-08-2013 01:15 PM
First I want to say THANK YOU to vlaw1084 for originally posting his experience here. Had he not taken the time last year to share what he went through, I'm not sure what I would've done. You have blessed my family just by sharing your experience. I hope by posting mine, I am able to help someone else through the process.
We applied for the consolidation on March 29 and overnighted all of the supporting documentation. We entered the certification Phase on April 3. On April 18th, the Summary Sheet was mailed. On May 3, the consolidation payment was made. The payment posted on myeddebt on May 7 (although they received the payment on May 6). The request to clear CAIVRS was sent on May 7. We were told it takes 24 - 48 hours to clear CAIVRS.
This is what I found out along the way
1. Don't go by what's on the website. If you call Direct Loan Consolidation and use their automated status update, you get the most up to date information.
2. You have to wait 15 days once in the Summary Phase and the payment is made COB on the 15th day.
3. myeddebt updates throughout the day (calling also gives you the most update information)
I was discouraged in the beginning but getting information here and staying on top of this process got us through in about 40 days.
i have one question because i did the same thing you did as far as the loan consolidation to clear my caivrs.
outside of not having a clear caivrs report; your credit and everything else was up to par in order to get an FHA loan? did you have any other hurdles?
05-08-2013 01:30 PM
I did alot of the work before applying for the loan; thought I had covered everything. DTI is low (1 credit card with 10% utilization). Nothing else on the report. Middle score is 695. That's why this CAIVRS thing was such a surprise. The loan is not on the report, but shows up in CAIVRS.
The processor did everything else while we were waiting for CAIVRS to update. So we should (according to the lender) be in underwriting by Friday.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO