topic Re: Public Records? in Mortgage Loans

Public Records?

Anonymous — Tue, 17 Jul 2012 18:59:43 GMT

I just got a credit alert from transunion and the industry says "Public Records". Who searches public records? The processor? Underwriter? Where do you think my file is if they are searching public records? I don't want to ask my LO because I feel like he'll get irritated.

TIA!

Re: Public Records?

Anonymous — Tue, 17 Jul 2012 19:32:30 GMT

Umm. You're confused. This is a very bad thing not a good thing.

If you received an alert that means that a Public Record has been reported as a NEGATIVE on your report. There is no such thing is a good public record. You need to pull you file immediately and find out what it is. It can be a bankruptcy, lien or anything. It doesn't matter where you are in your loan process if they pull your credit again and see this you will be denied 100% no questions asked until it is resolved.

Re: Public Records?

Anonymous — Tue, 17 Jul 2012 20:00:01 GMT

It's an Inquiry, how is that a report of a lien? I think it's the mortgage company checking my credit report (public records?). I don't have any reason to have a judgement or lien, so I don't think I need to worry about that. I have had two other inquiries from Kroll Factual Data.

Right or do I really need to panic?

Re: Public Records?

Anonymous — Tue, 17 Jul 2012 20:14:59 GMT

What you said is that you recieved an alert of a Public Record. You didn't say you had a new "Inquiry" you said you had an alert of a new "Public Record". Public Records and Inquiries are two totally different things. If you have a bankruptcy you have a Public Record that stays on your credit report for 7+ years. Same with a Lien.

You need to pull your credit report and see what it is. If it is a "Public Record" that is NOT a good thing. If it's an "Inquiry" you're fine. But there is no way that your loan is already at an underwriter if they've never pulled your credit yet.

Re: Public Records?

hippychic823 — Tue, 17 Jul 2012 20:18:44 GMT

OP: just out of curiosity who are you going through for your loan? The only reason I ask is because the mortgage company/broker I'm going through pulled Kroll Factual Data. I'm in underwriting now and I haven't had a public record show up on my report at any time during the process....(Well, other than the public record from almost 4 yrs ago :/ but that's a whole other story lol) anyways, best of luck to ya!!!! Hope it is just an inquiry and nothing damaging. Keep us posted!!!

Re: Public Records?

Anonymous — Tue, 17 Jul 2012 20:19:33 GMT

Okay, i'm sorry, I obviously did not give enough details.

The loan officer did pull my credit for the pre-approval. I have found the house, I have filled out the application, I have submitted my paperwork, and my file was with the processor last Friday.

Since I posted this message I contacted my loan officer (because I got worried) and he told me that my file is with underwriting right now and should be out by Friday. He said that the underwriters can and will pull my credit several times before closing.

The credit alert was for an inquiry from a company called FDC (Googled and I think it's that Factual Data Company) and the industry stated "Public Records".

Thanks for taking the time to read my post and respond. I think I understand what is going on now.

Re: Public Records?

Anonymous — Tue, 17 Jul 2012 20:20:37 GMT

I applied with Vista Mortgage.

Good luck to you too!

Re: Public Records?

Anonymous — Tue, 17 Jul 2012 20:28:20 GMT

Ok this is much better. Saying you have an alert for a "Public Record" and even naming the thread "Public Recods" causes alarm. There is no such thing is a GOOD public record. But if the inquiry is from someone identifying themselves as an aggregator of public records I guess that's fine.

But anyway Public Records is a section on everybodoies credit report. If it's BLANK you're good. If it has anything on it at all you've been in time out before Bankruptcy, Liens, judgements, stuff like that go in the "Public Records" Section of your credit report.

Re: Public Records?

hippychic823 — Tue, 17 Jul 2012 20:33:27 GMT

Well, from the way it sounds your almost done!!! And now, if they (Factual Data/ Kroll) pull my credit again and I see "public records" I'll know not to worry and I'll know I'm almost done with my loan too yay!!!! I'm sooooo over the house buying process and way beyond ready to CLOSE!!!!

Re: Public Records?

Anonymous — Tue, 17 Jul 2012 21:07:28 GMT

imandy - thanks for the help and explaining the difference! I will check my report and see what the public records says. I have a recent copy, so it should be there.

Hippychic - I am SO OVER IT. I have been so stressed out. I'm going to be glad when it's done! I hope yours goes well.