topic Re: Equifax Mortgage Solutions in Mortgage Loans

Equifax Mortgage Solutions

Anonymous — Fri, 29 Jan 2010 17:34:36 GMT

I received a call today from my loan officer saying that the underwriter has given me a credit approval for $140k! I asked for the approval in writing and she stated that they had to verify an account that was showing up on one of my reports. The account is for a HBSC/Rooms To Go account that went deliquent and was charged off in '05. EQ is not reporting this charge off, therefore they are my highest score. TU is reporting it. EQ mortgage solutions left a message for me to call them back regarding the HBSC account. This is supposed to be a conference call between me, HBSC, and EQ. Has anyone ever heard of this? If so, what is going to happen on the call and how should I respond?

The account is definitely mine and I will not deny it but this is making me kind of nervous...

Re: Equifax Mortgage Solutions

DallasLoanGuy — Fri, 29 Jan 2010 20:41:05 GMT

Who is your lender? EQ Mortgage Solutions? Are they a broker?

I have never heard of this.

Is there a balance?

What did the loan officer say about the account?

Are they trying to verify it's age? Or do they want it paid?

Re: Equifax Mortgage Solutions

Anonymous — Fri, 29 Jan 2010 21:02:17 GMT

My lender is Metlife Home Loans. The loan processor said that the underwriter is requesting this. She said that if I don't talk to these people it will continue to hold up the process.(My loan officer is on vacation until Monday).There is a balance of $2651 and when I pulled my EQ on 12/10 this account was not listed. It sounds like they may be trying to verify it's age. So far, no one has said anything to me about paying on the account. It is past the SOL for my state.

Re: Equifax Mortgage Solutions

Anonymous — Fri, 29 Jan 2010 21:11:53 GMT

I investigated the company name and on the Better Business Bureau website they are listed as mortgage brokers. What exactly does that mean? I am a first time homebuyer so I am a little uneducated in this area.

Re: Equifax Mortgage Solutions

DallasLoanGuy — Fri, 29 Jan 2010 22:08:18 GMT

Mortgage Broker: Does not lend. Processes your loan and sends it to underwriter at the bank that will lend the money.

Mortgage Banker: Lender. Originates, processes, underwrites, closes, funds all IN HOUSE.

There are hybrids of the 2 in different capacities.

Re: Equifax Mortgage Solutions

Anonymous — Mon, 01 Feb 2010 18:19:09 GMT

Update: I spoke to Equifax Mortgage Solutions and they contacted the OC with me on the line. The OC had no information on the account and said it had been sold to another agency. We called the CA and they said that the account had been sold to another agency. We called the other agency that it had been sold to and they said that I owed. This account is past SOL for collections so I don't know whats going to happen next. EQ Mortgage Solutions said that they would update my credit report with the info that they obtained on the call. What I'm trying to figure out is why would a lender do this to a potential customer?

Re: Equifax Mortgage Solutions

DallasLoanGuy — Mon, 01 Feb 2010 22:55:57 GMT

@Anonymous wrote:
What I'm trying to figure out is why would a lender do this to a potential customer?

If they aren't asking you to pay it.... then I have no idea!!