I am trying to do a refinance loan for a client who has a current mortgage in the double digit interest rate range. I ran his credit and his mortgage was not reporting on his credit report. No problem, I have a general authorization and got a copy of my client's recent mortgage statement and sent out a verification of mortgage.(VOM) I get the VOM back, and the servicer-SN Servicing Corporation out of Eureka, CA-reports the date of origination, original balance, current balance, interest rate, and principal and interest payment....but state "It is not our policy to rate our accts.".
Has anyone, in this decade, ever encountered this? Unbelievable. My client, unfortunately, may not be able to provide cancelled checks to prove his timely mortgage payment history to qualify for an FHA and Fannie Mae loan. Is there a way to require a servicer to provide a credit rating on an account?
Thanks
Michael Byrne
Michael Byrne
Mortgage Specialist
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hhhmm, that is definitely one way to keep a client longer and prevent him from refinancing his current mortgage. The new Lender "may" accept the VOM if you provide it and talk to them about the issue in advance.
Sean Allen