Subject: Disputed Accounts -
tip of the day.
Good
morning.
Today is
Monday, January 09, 2012
All
wholesale staff is available.
Turn times
are 24/48 hours or better!
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,USDA, VA -
Loans with disputed accounts must be downgraded to a Refer
(manual underwrite) and require 2nd review by corporate Underwriting Manager
unless all of the following apply:
o The disputed account has a zero balance
o The disputed account is marked on the credit report as gpaid
in fullh or gresolvedh
o 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