Help! Mortgage score dropped before closing

[ATL2TX]

Pardon the long post, but I hope it gives context so someone can offer advice. Talk about a roller coaster ride! I successfully purchased a lot, secured a construction loan all while serving as my own General Contractor. Yep, I build served as my own builder. I passed all the permits, got insurance, and even got 2 conditional approvals for a permanent mortgage with awesome rates! Started packing my temp apartment in prep for closing as my Certificate of Occupancy was less than a week away. That was the final thing the underwriters needed. Then the bottom dropped out. On Dec 1, my auto pay for my car payment ended with no notice. Because my mail had been transferred, I had not idea that a letter has been sent to me from the finance company. On a random trip to the post office, the post master said he was holding my mail since my new house was under construction and had no mailbox till 12/27. When I discovered the letter, I made the payment immediately on 13/31. Due to the holiday it didn’t post till January 2. Now I have a 30 day late!!!. My score dropped more than 50 points. I’m devastated! I’ve been in tears since New Year. Wrote letters to the auto finance company with documentation and they won’t budge. I’m terrified to tell the LO. I’m embarrassed and afraid that if they run my credit again they will see the 30 day late. My Middle mortgage score was 735 before this with no lates or collections at all. Now its 663, below the 680 I needed for the jumbo loan. Now I’m worried this effort has been for nothing. Any advice at all will help

[Anonymous]

Oh my gosh, how scary! I don’t know how this will impact things but hopefully one of the pros here can help. In the meantime, I’d be tweeting, calling, emailing their execs, whatever it takes to get a good will deletion.

[JVille]

Has your interest rate been locked yet? If yes they likely update your credit report at the time in order to know what rates you were eligible for. It sounds like you are days from closing? Typically at this stage just before docs are drawn they will do a soft pull to check for undisclosed or new credit.
I’m hopeful based on the above you may be ok!

[Mortgage-Specialist]

The most important thing to do is to notify your loan officer immediately. As a loan officer, we know what information to tell and what info to withhold from underwriting. So your loan officer will at least have a head start to identify what their particular lender/underwriter procedure will be. These procedures vary. They will most likely see the late but not necessarily the new score. An LOX with your LO's direction might do the trick.

Keep in mind that its not the end of the world. Even if worst case scenario happens and you're declined - there are definity available programs that would work for you with recent late and current reduced score.

[JVille]

Ditto and I neglected to say Speak to your LO ASAP so they have a heads up on the possible issue.

[ATL2TX]

Thanks so much! Your suggestions make perfect sense. I’m taking a deep breath and calling now.

[AllZero]

Good luck! As mentioned up thread, start your Good Will campaign.

[ATL2TX]

Thanks for the well wishes. Yes the rate was locked in late November and the lock would expire Dec 30th. The bank let me know the day before it expired they’d extend the lock as a courtesy since the the underwriters were backed up. Keeping my fingers crossed.