Re: Mortage Credit report
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Posted by look elsewhere
(64.246.11.20) on December 22, 2003 at 18:07:34:
In Reply to: Re: Mortage Credit report posted by confused on December 22, 2003 at 14:57:51:
Contrary to what those in the collections industry would have us believe, the mortgage industry is not a subservient tool used to force people to pay old credit card debts. Any mortgage broker would use the MOST FAVORABLE credit report to the consumer to get the loan through. Mortgage brokers don’t make any money on denied loans. FNMA which buys most conventional mortgages does not require anyone to use HIDDEN credit reports going back more than 7 years. You are being scammed, or just misinformed with disinformation, so don’t continue to spread it. Most mortgage brokers go out of their way to puff up appraisals, puff up a person’s income, and teach people how to dispute negatives off their credit reports. Anything to get the loan through. It’s not their money they’re lending, and they don’t have any special relationship with the credit card industry or debt buying collection agencies. It’s only the bean counters in underwriting who make the final call on the actual yes or no, and all they see is what the mortgage originators give them which includes a standard credit report and NOT some mysterious 7 plus year old credit negatives that would nix the loan.
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