Posted on: 10th Apr, 2012 01:34 pm
I am the listing agent, borrower doing conventional 10% down. Lender wants me to write a letter because I guess my name was checked with EPLS. Isnt' EPLS requirement only on loans government loans like FHA and not conventional?
EPLS is for the FHA loans, never heard they pulled for conventional. Something must have triggered the UW to look at ELPS on your transaction, similar name to parties involved? Just give them your full name, social and address and that should clear you and avoid getting the UW upset by countering their judgment...Goodluck-
I agree with Chris. EPLS is taken into consideration in case of FHA loans and not in case of conventional loans. I would suggest the borrower to contact the lender and try clarifying the matter.
Fannie Mae requires that mortgage originator employers check the EPLS for potential employees.
There is no conventional requirement to check all parties involved in a purchase transaction.
That being said, any conventional lender can use the EPLS as part of their Loan Quality procedures. They are not required to do so, but, certainly can if they want to. Or, as Chris noted, maybe something triggered the lender to do this just in this particular transaction.
There is no conventional requirement to check all parties involved in a purchase transaction.
That being said, any conventional lender can use the EPLS as part of their Loan Quality procedures. They are not required to do so, but, certainly can if they want to. Or, as Chris noted, maybe something triggered the lender to do this just in this particular transaction.
