topic Re: USDA in Mortgage Loans

USDA

michaels88369 — Thu, 06 May 2010 05:42:46 GMT

I have a home loan through the USDA for $151,000 and it seems to be only reporting to TransUnion and Innovis. Has this or is this happening to anyone else? Is there a way to get them to report to Experian and equifax also? I called the USDA and they said that is who they only report too. Any insight on this anyone???

Re: USDA

Lel — Thu, 06 May 2010 07:17:32 GMT

Lenders have no requirement to report to all the credit bureaus if they do not choose to do so. Though most mortgage lenders report to all the major CRAs, there are some who do not. There is no way to compel a lender to report your mortgage to EX and EQ if that isn't their practice.

Re: USDA

michaels88369 — Thu, 06 May 2010 13:40:45 GMT

So there's nothing that I can do? Can I report it myself say once a year or something just so it at least reports?

Re: USDA

Anonymous — Thu, 06 May 2010 15:31:13 GMT

do you have a rural development loan? I have a rural development loan backed by the usda from chase. 2 out of the three report it has an ag loan. one reports it has a home loan. I will be interested in what people say, my loan reports to all three from Chase.. GL

Re: USDA

michaels88369 — Thu, 06 May 2010 15:46:10 GMT

Yes its a USDA Rural Development loan. I got it through the USDA office in my county(polk county florida). I was set up through my broker and they helped set up the paper work with me. I wish it would report to all of them.

Re: USDA

Anonymous — Thu, 06 May 2010 15:50:26 GMT

I think it depends upon the lender rather than whether it is a USDA loan or not. I think that I have read where Wells Fargo only reports to one credit agency.

Re: USDA

michaels88369 — Thu, 06 May 2010 16:35:54 GMT

I pay my payments each month directly to the USDA on their website. I will see if they will report to all of them again when I call in later today.

Re: USDA

Anonymous — Thu, 06 May 2010 16:43:54 GMT

gl, it is a shame they don't

Re: USDA

michaels88369 — Sun, 09 May 2010 05:17:09 GMT

I called them the other day and got a letter in the mail today and it states that they only report to TransUnion and Innovis. Theres nothing I can do to make them report to Experian and Equifax. Im S.O.L i guess. To clarify it is a USDA Rural Development loan, and not backed by anyone. I think there was a little mix up and confusion with that in the earlier messages. I guess I cant complain being just turned 21 and have a $151,000 brand new house with a payment of only $537.65 p&i. 3 Bedroom 2 Bath and it is way cheaper than what i was paying for a 2bedroom apartment. Life is good.

Re: USDA

Anonymous — Sun, 09 May 2010 06:52:51 GMT

Is this is a USDA RD Direct loan? or is it a guaranteed loan?

Re: USDA

michaels88369 — Sun, 09 May 2010 14:03:57 GMT

Thats a good question, i do believe but not 100% sure its a Direct loan. I will find out tomorrow and get back to everyone.