topic What bank can I get get a loan from? HELP!!!! in Mortgage Loans

What bank can I get get a loan from? HELP!!!!

Anonymous — Tue, 15 Dec 2009 03:35:16 GMT

My wife and I made it completely threw the loan process until the last day of escrow(12-7-09) the deal was denied because of my 3 accounts that state "disputed by consumer". Is there a bank that we can go through that doesnt care about the disputes, and will approve a loan within 20 days?

MIDSCORES:

me - 621

wife - 680

Re: What bank can I get get a loan from? HELP!!!!

Anonymous — Tue, 15 Dec 2009 03:56:02 GMT

I believe that both Fannie and Freddie require disputes to be resolved, and FHA is generally that way too.

You most likely path would be to try to get the dispute remarks removed quickly and see if current lender will apprive if you meet those conditions.

The only thing is that I have a feeling there is more to the denial than that or the UW probably would have given you a condition to close that disputes be removed and/or the LO would have mentioned trying to get the disputes removed. Generally it can take some time, but if you can get ahold of the right people it can be done. My point is that if this was all that was stopping the UW, the UW and LO could probably have given you some time to get it figured out. BUT, if the UW was not happy with the file overall, that was a perfect reason to kill the deal.

Re: What bank can I get get a loan from? HELP!!!!

luvs2barre — Tue, 15 Dec 2009 15:57:35 GMT

Was this a FHA loan?

I've read about this happening and since DH and I are going through the mortgage process I have mailed in disputes to the credit bureaus asking that they remove the notation. EQ so far has just deleted the paid collection that was showing the dispute remarks. We haven't heard back from TU yet.

Good luck!

Re: What bank can I get get a loan from? HELP!!!!

helaurin — Thu, 17 Dec 2009 21:31:13 GMT

I am going through this myself now. Just started the mortgage process; all my scores are above 700 (739, 724, 715).... so I thought my credit was decent.

Wrong.

A few YEARS ago, I had noticed three accounts that were reporting as open accounts, when in fact, they had been closed and paid. One was for a first mortgage which had been refinanced, the other was a home equity line of credit, and the third was for a small credit card. I had filed disputes to have these investigated and closed. The accounts were investigated and closed, but for some reason, Equifax hadn't changed the status of the disputes to resolved. These disputes are from 2004!

I got a call from the mortgage loan officer today saying that unless I got these off my credit reports fast, that they would not be able to provide me with a 30-year conventional mortgage loan. I was shocked. These accounts are all closed, zero balance accounts, but the simple fact that Equifax hadn't closed the disputes was causing a problem. Since the loan officer was receiving a consolidated three-bureau report, I had to contact all three of the bureaus - I didn't know which one (or ones) had left the disputes open.

Equifax says it will take them 24-48 hours to close the disputes, so the loan officer is going to pull my report on Monday.

If I can't get them off at least a few days before settlement, then the credit union said I will have to choose between one of their portfolio loan products. One is a 12-year balloon loan amortized as if it was a 30-year loan with a rate currently at about 4.5%, and the other is a 30-year loan at about 5.625% with zero points. What I am shooting for is the standard non-portfolio loan at 5.125%

Has anyone else had any problems getting the credit bureaus to remove old disputes?

Re: What bank can I get get a loan from? HELP!!!!

helaurin — Thu, 17 Dec 2009 21:33:12 GMT

You can try some of the local credit unions too. Some credit unions have portfolio loans that they do not sell to the mortgage giants. In Pennsylvania, Citadel Federal Credit Union is one lender that keeps a portfolio loan set. Not sure what states/counties they lend in though - they are in the Philadelphia area (based out of Chester County).