topic Re: Need help please!! in Mortgage Loans

Need help please!!

jwpezd — Sun, 24 Mar 2013 18:21:01 GMT

Just got cleared by USDA on Friday was feeling good then bam this morning I get an alert for a new account on credit watch!!! I pull my report and my old company is reporting me on a new revolving account that is closed with a balance of 459$. No injury. I know exactly what it is. It is from an employee account that I have been paying. They just decided to report me the week I am suppose to close. I flipped out and called them. Spoke with a supervisor who apologized and said he had never seen an employee account report and he didn't know how to help. I did imedietly run to the store and pay the balance in full. I had them generate a receipt and give me a printout showing it is not an open revolving credit line. I then spoke with another lady who told me in the morning she will generate a letter explaining the error and also that the account is closed with no balance.
Somebody please tell me this wont kill my whole deal. I have been through so much to get this house. I am suppose to get the clear to close tomorrow. I know the lender is doing a crefit "refresh" to check for new accounts.

Re: Need help please!!

Anonymous — Sun, 24 Mar 2013 18:27:46 GMT

The final credit pull might have already been done by now. It looks like you took care of it so I wouldn't worry.

Re: Need help please!!

jwpezd — Sun, 24 Mar 2013 18:35:55 GMT

It hasn't its going to be done tomorrow. If they do have issue. Will what I have done suffice?

Re: Need help please!!

tooleman694 — Sun, 24 Mar 2013 18:37:03 GMT

Worst case, you will have another round of UW

Re: Need help please!!

Anonymous — Sun, 24 Mar 2013 18:37:18 GMT

Did they truly say that they were going to rerun your credit tomorrow?

Re: Need help please!!

jwpezd — Sun, 24 Mar 2013 19:04:23 GMT

It's not a rerun its a refresh. No clue what the difference is. And when you say another round with underwriting does that mean start to finish reviewing everything? Apparently it's not a pull but just refresh the reports to see if anything is added. I am suppose to close April 1.

Re: Need help please!!

tooleman694 — Sun, 24 Mar 2013 19:07:22 GMT

From what iv been told if your DTI has big changes, your file will need to be underwriten again.

If its FHA or Conventional, closing April 1st wont be a big deal. USDA I have no idea.

Re: Need help please!!

jwpezd — Sun, 24 Mar 2013 19:12:31 GMT

I already paid the balance in full and it's not an open account. I was hoping that would have no impact on my DTI? I'm hoping since its not an open account and I have paid it entirely off that would not change my DTI.

Re: Need help please!!

tooleman694 — Sun, 24 Mar 2013 19:17:36 GMT

Does it report a payment

Re: Need help please!!

jwpezd — Sun, 24 Mar 2013 19:29:10 GMT

No it just says balance 459. It's closed with no credit line and if anything it says 459 due. They are faxing me a letter tomorrow at 8 stating it is paid and closed. They are also going to delete it they just can't do that by tomorrow. I thought all this would get me by all this. At least I hope so. Here goes another night of little sleep

Re: Need help please!!

jwpezd — Sun, 24 Mar 2013 22:18:30 GMT

Any of the mortgage guys out there know what I can expect with this?

Re: Need help please!!

Anonymous — Mon, 25 Mar 2013 00:15:58 GMT

Its my understanding that they will do a gap report, not a whole new report. Which means it will not show your scores, so if you pay it i dont see the issue as along as it does not show as a new debt.

Re: Need help please!!

jwpezd — Mon, 25 Mar 2013 00:34:52 GMT

It is showing as a new account with an account number. There is minimum due just a balance of 459. I paid it in full today. It did not impact my score and isn't negatively listed. It's just a closed revolving account with a balance. My old company has fully taken blame and first thing in the morning they are sending me a letter stating it is paid in full as well as closed. They are also sending a letter explaining the debt and why it's not my fault it wasn't paid. They also are sending me a deletion letter as well. Does anybody think this will decline me? I am at my final step I started packing and feel like the rug got pulled right out!! I really need talked through this one! I have drank a pot and half if coffee and think I may have worn a path in my carpet pacing over this!!! HELP

Re: Need help please!!

jwpezd — Mon, 25 Mar 2013 01:55:57 GMT

Anybody?!

Re: Need help please!!

Anonymous — Mon, 25 Mar 2013 02:40:26 GMT

No I do not think you will be declined. You are worrying over something that is clear to me that you handled well. It was something you were paying all along without it reporting and now it reports and you pay it off. I highly doubt it will be a big issue. In my case, they never did repull via HP nor SP right before clear to close. They only pulled it once, in the beginning for preapproval. So unless they told you specifically within the last 2-3 days that they were going to refresh...if they said this 3-4 weeks ago, they may not...they told me the same thing 3-4 weeks before closing and the credit refresh never happened. When did you get preapproved and what is your tentative closing date?

Re: Need help please!!

jwpezd — Mon, 25 Mar 2013 02:43:18 GMT

Thank you for responding. I got my pre approval February 22 set to close April 1. They told me right up front they will check to see if I obtained new credit.

Re: Need help please!!

Anonymous — Mon, 25 Mar 2013 02:58:03 GMT

Nah! You are closing too soon for anything significant to change. My LO said about a week before closing that they won't repull because we closed in 33 days. You are closing sooner than that. It sounds like he said that several weeks ago. And it isn't technically new credit as you've had it since before getting preapproved. I think you are worrying yourself sick over nothing. You will be in your new home unpacking and laughing about this whole thing before you know it.

You are fine. Stop worrying and try to relax a little bit. I know it is easier said than done though but at least give it shot. Like I said, my LO said right after preapproval that they would do a SP before closing and then a week before closing he said they aren't going to do it because it is still too soon for things to have changed significantly. Same scenario. And I actually did have new credit pop up in underwriting because the Chase recon process lasted 3 weeks and I applied for the Freedom before preapproval. They called Chase to verify account info because it was so new that it wasn't reporting yet. Not an issue. My card arrived shortly after my file went into underwriting and a new car lease reported a month before preapproval. All of this didn't matter to them. You're worrying sick over nothing. You should be browsing websites window shopping for new home stuff not worrying about this.

Re: Need help please!!

tooleman694 — Mon, 25 Mar 2013 03:02:51 GMT

My LO told me they will not be repulling me, we got clear to close last week and they pulled my credit in Feb.

Re: Need help please!!

jwpezd — Mon, 25 Mar 2013 03:06:12 GMT

I guess my worry us if they do repull. Will me paying this in full and it being a closed account be okay

Re: Need help please!!

Anonymous — Mon, 25 Mar 2013 03:10:21 GMT

Yes. It isn't a collection right? Just an account you were paying as agreed before preapproval that just reported?