Tag: Credit Report

30-Day Accounts – Payment or Reserves – What Is Required?

Question: Our client has an open 30-day account.  The credit report has a monthly payment associated with that account. DU is requiring reserves, and when I search the Fannie Mae guidelines, I get two different answers about how to treat this debt – one if there is a payment on the credit report, and one […]

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Utilities Being Counted from Credit Report

Question: My client’s credit report is reporting utilities, and our investor is requiring that we count those in the DTI.  I didn’t think that utilities counted, did I miss a guideline update? NEW MTP™ Credit Reports – Debt Obligations That Are NOT Counted as Debt – FHA Loans Answer: FHA does not require utilities to […]

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Do Utilities Reported on a Credit Report Need to Be Counted?

Question: Do I need to count utilities reported on a credit report when calculating the DTI [Debt to Income Ratio]? Answer: On an FHA loan, utilities are not included in the DTI ratio. [Article Published in Question & Answer Issue – September 25, 2020] Copyright © 2020 – Mortgage Currentcy – All Rights Reserved

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Freddie Mac – Multiple Selling Guide Updates – Bulletin 2019-5 – Dated March 6, 2019 – Updated-Divorced & Separated Borrowers Chart – All Agencies

Written By: Lloyd Rutherford, Staff Writer This is a big update with a lot of important changes from Freddie Mac.  Take the time to digest the upcoming rule changes by reading through this article and the accompanying bulletin. Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This article will […]

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USDA – Disputed Accounts: If there are disputed accounts showing up on the credit report, but all accounts are showed as paid and satisfied, what will USDA require?

Answer: Disputed accounts on an applicant’s credit report are not considered in the credit score. Manually underwritten loans. For manually underwritten loans, all disputed accounts with outstanding balances/payments must have a letter of explanation and documentation supporting the basis of the dispute. Those debts that have been excluded from the debt ratios must have evidence […]

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