Looking for opinions. Tonight, I may have stumbled upon a credit reporting smoking gun. Spoke to one of the top 5 mortgage lenders in the country tonight who I currently have a loan with. I have been trying to get an explaination as to why I'm paying $600 a month pmi. Yes you read right. $600. Before you ask, I had to accept since I wasn't told this until 4 days prior to closing, but that's another story. My middle score at the time was 520 with many mistakes. It has since been corrected and is now at 631. Not great, but decent. Puts me over the 620 mark for standard pmi pricing. Contacted company to refiance now that score is a respectable number. They insisted they could not help me because the report they ran was showing 6 car loan lates and 3 mortgage lates. Like many of you, I now know my 3 reports inside out. I knew something was wrong. I actually have 2 car lates in last year and 1 mortgage. My car loan company comfirm and cra's only showing the 2 lates, which ment something was wrong on their end. I could not figure out how my 3 reports could be showing 2 lates and theirs was showing 6. Until...Now for the good part. It turns out their computer is pulling tri-merged reports showing only the account and number of lates. It is incorrectly multiplying the number of lates times 3 (number of cra's). Other words, instead of reporting 2 lates reported on 3 different reports. It is combining them and reporting 6 LATES for that one account. Loan specialist addmitted something is wrong. Can you imagine how many 1000's of people are getting screwed by this. Agiain, were talking a top 5 mortgage lender in the country. Is this something that has teeth or not?
Do you have a copy of this report? That would be the first place to start and then figure out if this is just specifically how this company gets theirs pulled. Don't know about that, because the one and only tri-merged that I have seen is DH's and they split everything by CRA.
This sounds like the way their system is set up. (bad and incorrectly of course). I would question the mortgage company first, then question the company they are getting their tri-merges from. It's too bad you can't mention the name of the mortgage company (hint for info).......;-)
I am going to contact the consumer advocate attorneys handling the class-action suits recently filed against Fannie Mae and Freddie Mac for FCRA violations to see if this is of interest to them. Again. This is a major player in the mortgage lending business. I will release their name after consulting with an attorney. There is a good chance some people on this board have a mortgage supplied by this lender.
