Tight Credit Underwriting Guidelines

Recently tight credit underwriting conditions may require prior credit review and correction to get the best possible advantage of Loan Approval.

These are some hints that may make the difference in your loans being approved or denied:

Business Structures

Partnerships and Personal Guarantors for the Corporations can challenge the possibility of obtaining additional business funding if derogatory credit information is present on one or more of the corporation’s members. Getting a yearly credit review of your personal credit profile can eliminate last moment funding issues…

Satisfying Collections can be tricky and it can be a detriment or opportunity. One recent case file had a 100 point bureau increase when it was cleared from the bureau leaving the other two bureau scores flat prior to updating…we can review the potential item for the best possible outcome.

Simple Disputes can delay the Funding of a Loan. Many lenders and banks have requirements preventing disputes from being present before the closing of a loan. Though part of our process, we go in direct when possible, to adjust or modify the derogatory information from the report. A blanket total dispute can make your report worse rather than improving it.

Divorce

If you and your spouse separate, the originating agreements with the creditors still stand. Court orders may be given in a divorce decree for settlement negotiations of either party. It may or may not hold water depending on the situation to the creditor(s). If one party is ordered to pay the debt of the other and that does not occur, any late payments reporting will damage your credit rating. Closing out the accounts and new ones should be established if possible so unintentional lates can be avoided…

The persistent myth of Collections Disappearing with the “statute of limitations”. There are new technologies in place to track our collection activity as described in one of our earlier newsletters allowing new collection companies to take their place incurring new interest until the collections are dealt with or settled. Though a loan may be approved with collections on a report, eventually they will resurface with higher balances from a new collecting entity.

Any questions regarding these or other credit situations as they may occur we will be happy to review them with you.

Bill Ipsan
Ipsan West Credit Consultants
619.794.0278 office
ipsanwest@aol.com

Client Testimonials

“We did receive Underwriting approval yesterday on the file. They are buying a new construction home that is scheduled to be completed in December. We will update and run their credit again in October.” K.H, Mortgage Broker, Northern California

“I want to thank you for helping me. There are some good people in the world and you are one of them. I will also send you a bunch of referrals….” Roger F. Client Las Vegas, NV

“I am in the home, thanks to your efforts and your team. …you were instrumental in getting this done! I will continue to refer people to you as I see credit issues multiple times per day and feel you bring a real service.” Rick P. Client, Kern County

“My credit rating is now a 770 , so cool, for anyone that works with this company this company is stellar one of the best, to help you build your credit or to repair your credit, I would recommend this company to anyone. Thank you.” DT, Client, San Diego, CA