aproved elligible vs ea1

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kellamtom

633 Posts

Posted - 03/25/2008 : 04:01:59 AM

Is it possible to get an approved elligible with one lender and an ea1 with another; exact same 1003; 2point difference on fico 647 approve elligible and 645 ea1

mpearson4778

98 Posts

Posted - 03/25/2008 : 05:41:32 AM

Some times this is possible, lenders have their own negotiated variance with the agencies. So sometimes there are lender overlays. Especially when you go through a lender site and not directly through DU or LP. It ***** but it happens. Did you look at the two credit reports? There may be a change on the credit or something negative that is showing recently active. DU doesn't really take "FICO" score into account, it's more about the actual credit and tradelines. That may also be the issue.

Have you tried to run it LP instead of DO/DU, I have seen a lot of loans being saved going through LP recently, seems LP is a little more lenient on some things right now, especially Self Employed borrowers, condos, and cash-out refis.

Worth a shot, you know :)

goodguy1

1654 Posts

Posted - 03/25/2008 : 06:00:07 AM

ditto on the LP thing. That is exactly what happened with a client of mine!!

1stintegritymort

1298 Posts

Posted - 03/25/2008 : 06:04:42 AM

if you got an approve eligible on DU, the sponsoring lender has to take it. the only way they re-run it is if your FINAL is inaccurate and the UW has to go in and make changes. they are not suppose to repull credit and re-run it on their own. they are suppose to go off your credit report. that is why you get a charged a re-issue. they may repull credit on their own as well, but usually that is only to see if there are any recent derrogatory credit after you pulled your own credit. most lenders will not take your credit if the score has dropped so many points, but i dont think two points is the issue. i would ask the UW to see a copy of their findings and then compare it to yours. you will see the differences then.

Willy

78 Posts

Posted - 03/25/2008 : 07:13:26 AM

Most of the time I'm told their is a very little difference between getting an Approved/Eligible and an EAI finding. It may have to do with the amount of assets that are their.

SoCalRay

2698 Posts

Posted - 03/25/2008 : 07:23:20 AM

Willy is correct

I have run over 1000 DU over the last ten years and the main difference between Approve/Elgible and EA1 is assests.

I have a file right now where the difference was only $50 in assets.

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