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I have a client who states that he contacted the bureaus directly (yes, the bureaus) and relentlessly. When we started he had two disputed accounts and now, zero! |
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Get on the phone with the creditors. Demand a letter stating that the accounts are no longer in dispute. Its not easy. Insist on talking with a manager if they won’t do it for you. One other thing, you must have the borrower on the phone with you initially. They can usually authorize you for 24 hours. |
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Are they disputed accounts? If so, my client called her creditor and asked them to remove the disputed status of the account. The creditor wrote a letter to the bureaus taking the account out of dispute, and they sent a copy of their letter to the borrower, which she received about 3 days later. I sent that in to score plus, they contacted the creditors to verify status and another 3-4 days after that we had a new credit report with no disputed accounts! |
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Pray to the man above that those creditors will write you a letter stating that the accounts are current and that they are no longer being disputed. A creditor wouldn’t give my client a letter and it prevented them from getting a home loan. |
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Unfortunately, get ready to hurry up and wait. The credit bureau requires a letter from the creditor that the account is no longer in dispute and that these words will be removed from all three bureau’s. The letter works well with Equifax and Experian but Trans Union puts the account under investigation. This process took me three tries and six weeks. Equifax and Experian rescore can be accomplished in 7-10 days, maybe sooner by CBC, but the Trans Union process is a waiting game.I believe the reason it took so long is because my borrower kept calling the creditor and disputing the dispute. Just do it once and wait. CBC will keep checking for you. Seriously a pain, but we finally closed yesterday. Good luck! |
Team VITEK Blog
Posts Tagged ‘home loans’
Removing Disputed Credit Accounts
Friday, July 23rd, 2010
WHY VITEK?
Wednesday, July 7th, 2010
Now, more than ever, borrowers need to use extra care in choosing the right lender. The news media has been riddled over the past two years, with horror stories of borrowers, who for one reason or another, chose the wrong lender and paid terrible consequences as a result. Last week, I was thinking about this very issue and what people need to know about choosing the right lender. I feel so thankful that I work for one such lender, VITEK Mortgage Group. As a mortgage loan originator, with more twenty years of experience, I thought you might like to know why I, and so many of the area’s top and experienced mortgage loan originators, have chosen VITEK.
I have been with VITEK now for the past eight years. Previous to joining VITEK, I was working for another lender, when I felt it was time for me to make the move to another company. I was tired of working for large corporate lenders that kept buying and selling each other. I also didn’t like that many of these companies were based on the East Coast, where it was impossible for me or my clients to reach anyone after two o’clock in the afternoon, and sometimes it was difficult to reach anyone at all. Because of this, I knew I wanted to seek out a local company. I have always been involved in the community and I wanted a company that also had a local connection. It was important to me that the company was large enough to carry all the loan programs my clients needed, but also hadn’t lost the personal touch.
These two requirements are what made VITEK one of the front-runners for me. I wanted to be very careful in making my decision though, because I wanted a company I could feel at home with and where I could stay. When I started asking other mortgage loan originators why they liked VITEK, over and over I kept hearing the same thing - it’s the people!
Having people that care and are dedicated to customer service, in the long run, was so much more valuable to me, than the possibility of presenting my clients with a slightly lower rate. The lender with the lowest mortgage rate doesn’t always mean the best loan for my clients. Customer service, lender experience, and a company’s track record all contribute to a smooth loan transaction, and ultimately for me, a satisfied client. Thankfully, with VITEK I get to present my borrowers with the best of both worlds, low rates and quality service.
Last week I was reminded of this, when my VITEK team pulled together to make sure a young couple could move into their new home on-time over the weekend. This was important to them, because they had no time-off from work available to move during the week. It was just one more loan where my wonderful team was able to “pull a rabbit out of a hat” and get a loan closed, not just on time, but on time to meet the borrower’s needs.
VITEK stands for Value, Integrity, Teamwork, Excellence and Knowledge, all of which are the cornerstones of how we conduct business. I truly believe “team” should all be in all caps though, because it is exactly what makes VITEK so special - the TEAM of people caring and working together. You see, without people working for you who care, your loan doesn’t receive the care and attention it deserves. My last eight years with VITEK has been wonderful, and with the continuing support of the VITEK team, I am looking forward to continuing to provide my clients the best service possible.
Michele Dillingham
(916) 486-6930
mdillingham@teamvitek.com
$8000 Tax Credit Extended for Members of Uniformed Services
Friday, July 2nd, 2010
Many of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired as of June 30, 2010. While this is true for most, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.
The tax credit extension is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period after Dec. 31, 2008, and before May 1, 2010. To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.
For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Although I am always here to answer your questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to get you into your dream home, before the tax credit expires for good!
John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com
USDA Home Loan is Back!
Tuesday, June 8th, 2010
You may have heard over the last couple of months that the USDA home-loan program was running out of funds and would soon be going away. Well, only a few short weeks ago, that would have been correct. VITEK Mortgage Group is excited to announce though, Congress has just extended the USDA government program through the end of 2010! If you, or someone you know, is looking to purchase a home, and is willing or want to live in or near a rural area, the USDA 100% financing program may be a perfect choice. Even if you are short on money for closing costs, this program can help. It requires ZERO MONEY DOWN and even covers up to 2% of the closing costs! Best of all, VITEK underwrites and funds these USDA loans in-house! That means that in addition to receiving the great benefits of this loan program, we can even close your loan faster with the best possible pricing!
Here are a few guidelines to the USDA Guaranteed Rural Housing loan program:
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• No first-time homebuyer requirements
• Eligible in rural areas (Ask us for eligibility)
• 103.5% LTV (3.5% Guarantee Fee included)
• No mortgage insurance
• 30-year fixed rate
• No financial reserve requirements
• Income limitations apply
• Seller can contribute up to 6% towards closing costs
Contact your VITEK Mortgage Loan Originator today for more information. Qualifying areas are closer than you think!
Jennifer Remedios
(916) 486-6954
jremedios@teamvitek.com
Why FHA?
Wednesday, September 30th, 2009
FHA home loans today have become one of the most widely used loans for both first-time homebuyers and seasoned homeowners. Many buyers and real estate agents are still unaware of the power and flexibility FHA home loans can offer.
In fact, here are the key reasons you want an FHA loan:
1. Requires no additional loan fees to the seller.
2. No secondary mortgage insurance (MI). FHA loan approval includes MI.
3. Termite inspection and clearance are not required by FHA, unless part of the
contract or called for by the appraiser.
4. Repairs only required if for health and safety issues, same as conventional loans.
5. FHA appraisals are not subject to the Home Valuation Code of Conduct (HVCC),
which is currently causing delays and value challenges on the conventional products.
6. FHA guidelines are more flexible, buyer qualification and approval is more certain.
From a property and buyer perspective FHA loans are superior in many ways to conventional loans in today’s lending environment. VITEK Mortgage Group is an in-house lender for FHA home loans. That means that we process, underwrite and fund them in-house; we don’t just broker them to other lenders. If you are interested in finding out more about FHA home loans click here, or VITEK our list of experienced FHA Mortgage Loan Originators to contact one of them today.
Alan Wackman
Vice President Operations
