• Pam Marron

    Pam Marron

    Loan Originator
    NMLS# 246438

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    Housing Crisis Credit Issues

    Foreclosure code still affects the credit code of past short sale, modification and even deed in lieu credit. I can spot where the issue is and find if this will provide a problem for clients who’ve had these mortgage issues. The foreclosure code can stall a new conventional loan for 7 years and produce a conventional loan denial, specifically in Freddie Mac. Foreclosure code is not visible on the face of a credit report but is visible and noted in Fannie Mae and Freddie Mac automated underwriting systems (AUS) findings. Ensuring that a potential at risk client is clear of this issue by running the mortgage through both Fannie Mae and Freddie Mac systems is imperative so that the client doesn’t learn of the problem at the last minute and be forced to accept a higher interest rate non-QM loan.

    Reviewing credit through another tool to make sure of an exact foreclosure date that is hidden by bankruptcy can also be done.

    Questions? Contact Pam Marron Today!
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    Contact Pam Marron

    Pam Marron

    17717 Hunting Bow Circle, Ste. 101
    Lutz, Florida 33558
    (727) 375-8986
    NMLS# 246438

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