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hoangad
2929 Posts |
 Posted - 07/16/2008 : 10:02:56 AM
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i know it's best to have an LOE for every late reporting on the credit report, but are there times where we can NOT include them and it'll be fine?
for example, a credit card late 12+ months ago., mortgage late, 24+ months ago, collection account 36+ years ago.
OR should i just have the homeonwer write an LOE for EVERY LATE? |
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lukeallison
1402 Posts |
Posted - 07/16/2008 : 10:14:31 AM
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| I usually send in as much as I can to explain away every late on the report. Usually, it's one letter with different paragraphs for each credit blemish. If they wrote an initial letter pertaining to a illness, job loss, etc., I usually have the second LOE refer back to the letter submitted. |
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jvanpetten
2500 Posts |
Posted - 07/16/2008 : 10:47:17 AM
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| If a manual underwrite you need to document every single late on the credit. If it is approve/eligible, I do not get a LOE. They close fine and no questions about a LOE. |
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