     Lynn Whealer (Lynnwhealer) | Thursday, June 29, 2000 - 12:29 pm 
( **** sorry if this post is duplicated *****)
Christine -below is a tidbit I lifted from some of your general comments on credit scoring. Does it mean that mortgage lenders can or will report you even when you are only 15 days past the "due date". My mortgage simply specifies a penalty charge after the 17th (due on the 1st). Is there something spedcific about mortgage reporting we should know?
---- "You are not reported as late to the bureaus until you are 30 days past the due date (15 days for mortgage verifications.)" ----- |
| Christine Baker (Admin) | Thursday, June 29, 2000 - 02:58 pm
Does anyone have the CURRENT FNMA/FHLMC mortgage verification regs?
When I brokered mortgages (until 1996) I found that many mortgage lenders don't report to the bureaus.
Therefor we needed either the cancelled checks (front and back) clearly showing the deposit date on the back of the check or we got a verification directly from the mortgage lender.
Those forms asked for 15 day verifications, and generally the new lender wanted to see that the mortgage payments were made no later than 15 days from due date (NOT 15 days from the end of the grace period.)
NO LATE CHARGES!
Sometimes lenders wanted a mortgage verification even when the loan was on the credit, so I always got one.
If you ever have a late charge or any extra fees, I recommend you pay with a separate check.
Some people ALWAYS add extra principle payments, and that's ok too. But the isolated extra payment might cause the new lender to inquire further.
The very worst thing you can do for MORTGAGE lending is having mortgage lates.
That's why I used to make my mortgage payments at the branch where I got a receipt. When Home Savings announced that branch payments were subject to delayed postings, I made sure my check got there before day 15 by calling or checking for the cleared check on-line.
If you pay just a few days before the late charge kicks in, I recommend you still date your check around or before the due date.
There are no regs about that, but it just looks better to the underwriter. Presentation is everything with a mortgage loan package. |
| Lynn Whealer (Lynnwhealer) | Friday, June 30, 2000 - 06:16 am
Very good info. Thanks! |
| Lynn Whealer (Lynnwhealer) | Friday, June 30, 2000 - 06:22 am
Just had a thought:
I sometimes pay with the phone capability that my mortgage servicer provides. They take a check number, and that chekc number does indeed appear on my monthly bank statement with the payment amount and processing date.....but there is actually no physical paper check that I could produce with deposit dates, etc. Could this be a problem in the future? It seems easy enough to simply always write paper checks, and I will do that if you see this as being one more pothole for the consumer to hit when getting a mortgage. |
| Christine Baker (Admin) | Friday, June 30, 2000 - 10:39 am
When the lender doesn't report to CRAs you sometimes HAVE to document payment yourself since some lenders purposely delay the verifications (they don't like to be refinanced.)
You CAN use your bank statements to show that a payment was made too, but then you better not have any NSF fees on the same page. And if you show one page of the statement, they usually want the entire statement and for the entire 12 months.
It's not a problem in itself, as long as you have all statements and nothing weird shows up. |
