HUD wants to kill your borrowers credit score starting April 1st 2012!
HUD Mortgage letter 2012-3 will Kill your borrowers credit score. Watch this now to find out how to handle the April 1st, mandatory payment of collection if they total more than 00… Now more than ever it is important to take charge of your credit situation. If you follow Hud’s advise you could knock 100 plus points off your FICO score. If you are a Loan officer or Potential home buy you need to get this information now find out how to save your FICO score before Hud kills it. A COPY OF THE LETTER IS on My Facebook fan page at www.facebook.com/thecreditguy
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Late Breaking news on these changes from John Councilman, CMC. CRMS • HUD just put out a notice yesterday that tries to address our concerns. It seems to allow the borrower to use a written explanation regarding “life-event” collections (i.e. medical, etc.) or other items from the borrower to override the hard $1,000 cap. Unfortunately, it is not very clear what documentation is required. HUD uses the phrase “if it makes sense.” Nothing in the mortgage industry makes sense to me anymore…