OK... searched the back-posts about eloan and which CRA/CRAs they use for mortgage apps... there are conflicting reports, some say they pull a tri-merged while others claim they are like countrywide and use only one report. I know for certain that they only use one report for auto loans, because I have one through them. Does anyone out there have experience wtih e-loan mortgages?
I applied for a loan with them about a month and 1/2 ago, and I am pretty sure than it was Equifax. I am about 98% sure that is who it was but I couldn't find my denial letter to make sure.
I applied with e-loan last month. They pulled all 3 bureaus and they pick the middle score to base your loan. however, they declined me by saying that the bankruptcy was filed not too long ago - 2 years ago. My scores were in the high 600s and still declined. I think that's discriminating. I spoke with an eloan rep and he said that they wont approve a mortage if bankruptcy was filed less than 7 years ago! I guess, I'll be homeless for the next 5 years!
Not so. There are lots of mortgage options, even with a BK 2 years ago. I can do them as could other mortgage brokers. Depending on all the various underwriting criteria (different criteria applied by different lenders), the PRICE of your loan may vary ... you might even be well advised to consider an ARM, though it's hard to tell with what you've provided so far. Mark
I did an eloan app yesterday- they pulled EXP and declined me. My BK7 was filed 4/16/96 and they still declined.
