credit-real-estate

Did a disputed bill put the kibosh on your refi? Possibly, according to Ken Harney’s column at latimes.com.

Could a little-known and potentially controversial practice by mortgage giants Fannie Mae and Freddie Mac kill or stall your next loan application? Absolutely.

Picture this scenario: You’ve got outstanding credit scores close to 800 and solid equity in your home. All you want is to refinance your mortgage to take advantage of today’s rock-bottom interest rates.

Your application should rocket through your lender’s system and get you a great rate. But your bank says: Sorry, we can’t do your loan. Fannie Mae’s automated underwriting system won’t accept any application where there is a notation in the credit report that a consumer has disputed an account or “tradeline.”

You explain that the dispute — over a medical bill or a credit card charge — was valid. The account was closed. The creditor promised to remove the dispute notation but apparently didn’t. Your loan officer won’t budge. Policy is policy, he says. Your refi application is dead.

Apparently automated underwriting is kicking some refi applications out and returns them to the lender for manual underwriting. This may be why some people have been reporting such long delays in getting their refinancing. Has this happened to you?

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

Comments

comments

Call Now