Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant


Leave a comment

Do you feel like Underwriting asks for every little thing?

Well to put it simply, they do! The #1 item that underwriting is red flagged for by investor’s, is address variations.
There are a few things that lenders check for on credit reports:
-Any address that appears with dates in the past 5 years that is not consistent with what is on the loan application
– Explanation for addresses with no dates
The main reason applicants are questioned about their address variations is because when a credit report is pulled multiple addresses show with over lapping time frames. This can be due to people having a secondary mailing address. If their main address has been a parent’s home but they live in an apartment while they attend school, or they will have a credit account that they do not use anymore and fail to update the address information attached to that account. This can cause address variations on a credit report. Lack of disclosure of properties owned can also trigger questions because those addresses may also show up on reports. An explanation of the disposition of those properties is required. For all these types of situations, an explanation must be submitted. For questions feel free to email me at ingrid.quinn@cobaltmortgage.com