Underwriters asking explanation

Hi,

Yes they can ask. It depends on the type of loan that you are applying for and your profile. There are even loan programs that require zero collection activity in the last 7 years. So, it is normal for them to ask explanation.

Blue

Hi,

I can understand you being surprised at it. But, underwriters don't have intentions to make things tough for the consumers. They just want to make sure that you are not at risk by taking the loan and you can easily afford the payments.

They have the responsibility to check that there were valid reasons behind the negatives and that now you are in a position where such things are unlikely to get repeated. Take it in a positive manner. Ultimately that is for your good.

God bless you.

For MortgageFit,
Samantha

"The underwriters are asking for reasons of negatives on my credit report that was satisfied more than 3 years ago."
If you have already paid off the debt which is still on your report, then you should dispute the reporting of that item with the credit bureau in writing.

Andrei Serjantov