Implode-Explode Forums

RE: Fannie Mae DO and Disputed accounts on credit report

Author: Emerald
Posted: Sat Feb 04, 2012 5:42 pm (GMT 0)
Topic Replies: 10

Snets wrote:

maybe but what I'm looking for is where Fannie outlines this stuff so I can use it - I have found plenty on FHA but not on conventional.

This is what Freedom is hanging their hat on and yes, since 2009 it's almost impossible to fund something with a Dispute on the Credit Report. There was also a Fannie Mae letter which went out around this date stating the change in policy. I have been successful in having the clients contact the trade line and negotiating an agreement. Once the letter is received by the buyer you/they can forward this to the credit agencies and get a "resolved" place on the account or sometimes the dispute is removed completely since it is resolved. FPF/Stearns funds these once the issue is resolved.
Hope this helps some.

http://www.privacytimes.com/fannie-mae.html

Because Fannie did not respond by our deadline, Privacy Times reported last issue that it "appeared" that the mortgage giant had begun rejecting applicants whose credit reports showed the "disputed by consumer" notation.

After our story broke, and after Harney inquired about the practice, Fannie Mae Spokeswoman Amy Bonitatibus conceded that its key program, "Desktop Underwriter," had begun scanning credit reports for the term "dispute." But she said Fannie itself wasn't rejecting applications outright. Instead, it was kicking applications back to lenders and requiring them to determine if consumers' disputes were valid.

RE: Fannie Mae DO and Disputed accounts on credit report

Author: Snets
Posted: Sat Feb 04, 2012 4:08 pm (GMT 0)
Topic Replies: 10

maybe but what I'm looking for is where Fannie outlines this stuff so I can use it - I have found plenty on FHA but not on conventional.

RE: Fannie Mae DO and Disputed accounts on credit report

Author: BIGTXLENDER
Posted: Sat Feb 04, 2012 4:05 pm (GMT 0)
Topic Replies: 10

you have a bad UW!!
change companies
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RE: Meritage Homes Lawsuit

Author: wardkingg
Posted: Sat Feb 04, 2012 2:51 pm (GMT 0)
Topic Replies: 20

Former Perry Home workers submitted a go well with against Perry for in the long run pay and corrective loss. According to the litigation, sales reps desired to gather in the long run pay for the amount of time they have to remain at work.
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RE: Builders

Author: wardkingg
Posted: Sat Feb 04, 2012 2:48 pm (GMT 0)
Topic Replies: 4

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RE: Construction Loans

Author: wardkingg
Posted: Sat Feb 04, 2012 2:44 pm (GMT 0)
Topic Replies: 5

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RE: Discussion on Land Resource

Author: wardkingg
Posted: Sat Feb 04, 2012 2:43 pm (GMT 0)
Topic Replies: 3

I'm shy to have at one factor proved helpful for Area Source. They created an ridiculous sum of cash during the percolate decades yet put none of that into infrastructure/amenities. Also pissed that I own qualities there b/c of this not enough following up on their "proposed conveniences."
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RE: Discussion on KBH Home Inc.

Author: wardkingg
Posted: Sat Feb 04, 2012 2:40 pm (GMT 0)
Topic Replies: 22

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RE: Fannie Mae DO and Disputed accounts on credit report

Author: syntheticheroin
Posted: Sat Feb 04, 2012 2:13 pm (GMT 0)
Topic Replies: 10

jam the file into the shredder and go skiing ?

and isn't fnm/fre just slightly hosed with a capital H ?

is the customer's bank having the same issue ?

have you tried shamelessly begging your AE to make it work ?
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RE: Fannie Mae DO and Disputed accounts on credit report

Author: Snets
Posted: Sat Feb 04, 2012 2:00 pm (GMT 0)
Topic Replies: 10

how would you do that - you can't de-create a credit reference - my point is - what's the issue here - a guy disputed an account - the matter is now resolved and noted that way on his credit report - the merchant is not allowed to remove the dispute and the fact there was a resolution and DO says if its there it has to be downgraded to manual which is another way of saying death - as no one does manually u/w conventional files.

RE: Fannie Mae DO and Disputed accounts on credit report

Author: syntheticheroin
Posted: Sat Feb 04, 2012 1:44 pm (GMT 0)
Topic Replies: 10

is it possible it would not show on their report ?

any chance of updating the report and removing the item entirely ?
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RE: Fannie Mae DO and Disputed accounts on credit report

Author: Snets
Posted: Sat Feb 04, 2012 1:38 pm (GMT 0)
Topic Replies: 10

yep - same policy and it appears to be a Fannie/Freddie policy

RE: Fannie Mae DO and Disputed accounts on credit report

Author: syntheticheroin
Posted: Sat Feb 04, 2012 1:37 pm (GMT 0)
Topic Replies: 10

I haven't tangled with 'd-oh since god was a baby but from here it sounds like an issue with freedom.

is there still such a thing as LP ?
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RE: Fannie Mae DO and Disputed accounts on credit report

Author: Snets
Posted: Sat Feb 04, 2012 1:00 pm (GMT 0)
Topic Replies: 10

nope good file - approve eligible - I thought the "disputed" account thing was only if they weren't resolved - these say resolved but Freedom says nope - it must totally be removed without the word saying "dispute" anywhere on the notation.

RE: commitment to lend??

Author: syntheticheroin
Posted: Sat Feb 04, 2012 12:48 pm (GMT 0)
Topic Replies: 2

or do the construction loan .. or look at an awesome house that's already done.
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Rule Numero Uno: Don't Kill Yourself, Kill Somebody Else.