Subject: Disputed accounts -
Tip of the day
Good Morning
Today is Tuesday, February 21, 2012
All wholesale staff is available
Neil will be out of the office today after 1PM.
Turn times are currently 72 hours.
Tip of the Day – Disputed accounts
Conventional - Must obtain a new credit report with the account
no longer reported as disputed and resubmit the loan and new credit report
through DU.
FHA/VA/USDA - Loans with disputed accounts must be downgraded to
a Refer (manual underwrite) and require 2nd review by corporate
Underwriting Manager or Operations Manager unless all of the following apply:
The disputed account has a zero balance
The disputed account is marked on the credit report as “paid in
full” or “resolved”
OR
The disputed account is both less than $500, and the account was
disputed more than 24-months ago (documented date of dispute, not the date of
the account).
Thank
You!
Neil
Johnson
Gateway
Mortgage Group
National
TPO Operations Manager
4201
N. State Hwy 161
Irving,
TX 75038
Office:
972-908-3390 ext. 118
fax#
918-858-8392