
The Beverly Hills Real Estate blog Friday 10-30-09
Friday and it's going to be a beautiful day! Check it out at the beaches... upper 70‘s inland. Perfect weather for paradise. Damn, the Yankees won last night. Next game in Philadelphia.
Finally a Friday, the weekend beckons and the weather is great! Tomorrow we'll post the Open House guide for you so you can Home Surf from your laptop.
People love our Video joke and blog which is posted around noon time on
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www.papaquatkelley.com everyday. Stop by and check us out... Send us a joke!
Here is some important Mortgage news. Pay particular attention to the scam section below.
Welcome to C.A.R.'s Market Matters, your weekly market response guide.
C.A.R. Mortgage Update
Credit account dispute could stall mortgage application
Some consumers with exceptional credit reports and high FICO scores are being denied mortgages by Fannie Mae's automated underwriting system because there is a notation in the credit report that the consumer has disputed an item.
Under the Fair Credit Reporting Act, consumers are guaranteed the right to dispute inaccurate information on any account in their credit files. Once a consumer disputes an item in their credit report, a notation to this effect is made in the file. Until the notation is removed, most credit-scoring system generally will not factor the disputed item into the computation of the consumer's score.
However, with the recent surge in companies claiming to "clean up" and "erase" blemishes on consumers' credit reports, some lenders are finding that these credit companies are disputing accurate, but negative items, hoping the consumer will qualify for a loan before the dispute is resolved.
Applications that are denied through Fannie Mae's automated underwriting system, which is used by virtually all lenders doing business with Fannie Mae, are sent back to the lender for manual underwriting. It is then up to the lender to determine and document whether the disputed information is accurate and underwrite the borrower's credit accordingly.
To read the full story, please click here.
To view additional articles, which also may be of interest to clients in the market for a new home loan, loan modification, or mortgage refinance, please visit the following:
Digging yourself out of a mortgage mess
To read the full story, please click here.
Campaign targets mortgage modification scams
To read the full story, please click here.
Refinancing lifeline fails to reach most "underwater" homeowners
To read the full story, please click here.
That's it for Friday. Have a great one and see you tomorrow.
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