Subject: Broker pulled Credit Reports
Attachments: Credit Score Matrix
for Pricing.docx
Good Afternoon,
During our wholesale meeting last week we determined that
management would consider broker pulled credit reports if the credit
score had dropped when Gateway pulled new credit on a case by case basis.
I have outlined below when these exceptions would be considered. Also, Click
Here for the pricing breaks that will be used when considering this
new process.
·
Broker credit report will be considered if
report is dated within 15 days of receipt of file by GMG.
·
Credit reports pulled through Equifax and Credit
Plus will also be considered in this new process.
·
Set-up desk will pull new credit and determine
if credit score decrease has impacted pricing or GMG minimum credit score
requirement.
·
If impacted set-up will print both credit
reports and give to Underwriting Manager.
·
Underwriting Manager will determine if any
significant changes have impacted the credit score.
·
If approved by Underwriting Manager, set-up will
contact broker and obtain their credit reporting information in order to upload
corrected broker credit report into DU for underwriting. Underwriting
Manager will note approval in GMOS loan notes.
·
Significant changes in a borrower’s credit history
will not be considered and GMG’s credit report will be utilized in these
situations.
Thank you,
Michaela
Johnson
National
Underwriting Manager - TPO
Gateway
Mortgage Group, LLC
14850 Quorum
Drive
Dallas,
TX 75254
Office -
972-908-3390, x153
Fax -
918-858-7554
