Well, the wait is over and I am meeting with the loan officer at the CU this week. On the mortgage application, there is a blank page on the back and it has a section that asks if I want to write a statement to be considered with my application. Now earlier, I had asked about a lender who is reporting negative information and late payments on my credit reports and they are not late. All 3 reports have different months that I was supposedly "late" but I talked with the CU and explained it is a rental property and when I said "GreenTree" she just laughed and said she would see me in her office. So, I completed the application, gathered all of the documents on the checklist and then reviewed everything again. I read that if you have negative items on your credit report OR if you want to provide an written explanation of any items, you may do so and underwriting must consider them. Equifax has deleted the late payments but TU and EX have not. She said that sometimes they only use EQ. Sometimes they use EQ and TR and sometimes they use all 3 but EX is usually thrown out. I did write a statement about what has been going on with GreenTree and I printed the bank statements showing the payments being made; should I give it to her to send to underwriting? I need to get this refinance outta my way! Thanks for suggestions.
Yes, I would definitely include a written statement for underwriting. If you didn't include it, they would most likely request one anyway before they could close. Good luck, and let us know how it goes!
Thank you, Josh! We did it and here is what happened: Just got home from the CU and it went GREAT! The LO who helped me with the application process was amazed that GreenTree is reporting in this manner and she included the payment history that I provided from my bank. She said that there are no real "red flags" that she can see that would prevent my refinancing with them! So, everything has been submitted to underwriting and she said would take about a week or so; if I haven't heard anything by next Monday, give her a call and she will try and figure out what's going on but she said it looks good to her. She did appreciate the letter and was more than willing to put it in our loan packet! So glad I listened and took the advice. The really awesome part happened later when she looked at my wife's car loan with our local bank. It was at 8% interest and she felt she could beat that rate so she put it in the system and it approved us for a 5.6% rate! I know that's not exactly a premium rate but it's the best I've had in several years. The deal is our local bank is also a friend of ours and we can basically get anything we want but to be approved by a CU that we have only been a member of since June was just a wonderful feeling! We refinanced her car today and now have a new loan with them. She said that she will also include that in the mortgage packet before she sends it over. Some interesting things I found out about the whole lending process. She said that they are more willing to lend to people on home mortgages than vehicles. For one, if a crisis occurs, people will usually put their home as a priority to get paid, and vehicles will be let go. It's also easier to "get rid" of a vehicle or drive it where it can't be found vs. moving a house. We got a lot of tips and info about credit and fingers crossed we get some good news from the mortgage department in a few days.
