Look at it line by line. You may be missing something else. Did something report delinquent that you are missing? Did you recently purchase something big to put one or more of your CL's over a certain UTI #?
IMHO - I would think 1 HP maybe negative 5-15 pts but not a 70 pt drop.
Curious on what you find out.
Those sneaky medical collections can rear their ugly heads at the most inappropriate times. I hope it all works out for you. BTW, all would not have been lost if your scores were less than 580. Many of us lenders that go down to 550 for FHA with 3.5% down, and down to 500 at 90% LTV.
For anyone who find themselves in the same situation. Please read.
DISPUTES - To date, FHA, VA, or USDA do not require disputes be removed. This is a lender overlay. They can remain. If left on the report, your loan will be downgraded to a manual which is most likely the case anyways with a score less than 600. Removing disputes (depending how old they are) can drop your scores so be careful! So in some cases it better they remain there when your scores are so close to the line. If a lender you are working requires removal, I always recommend revolving the disputes rather than removing them. Effectively at bureau level, it's still a dispute, but to the Underwriter, it has been resolved and no further investigation is pending. Here is a resolution. "Dispute Resolved Consumer Disagrees".
NOTE: Conventional loans do not follow suit. All disputes must be removed.