Loan Refusals Are Being Caused By Credit Card Disputes
When I read this post I knew I had to spread the word. Some of the credit practices are getting pretty wild. If you've ever had your credit card number lifted, you could be in tough shape at the bank!
The craziest thing happened this last week here in Corpus Christi, TX. The refinance on some rental property was all set to close when the mortgage company called.
They said that because there had been a dispute on one of the charge cards, Fannie Mae would not accept the loan.
Now, this dispute was sent in to the charge card company last March and was for an unauthorized charge of $77.74. The charge card customer received a credit for the unauthorized charge and life was good. All the customer's charge cards are paid off monthly and they have an 800+ credit score. However, according to the mortgage company, Fannie Mae changed their criteria last July and does not allow for any disputes on the credit report!
The morale of the story is....make sure if there are any disputes your client's credit report they are removed prior to starting the loan process or they may just find themselves in this situation.
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