Can we revisit RMCR again?

[guyer6719]

I hope you guys can clear this up for me...the more I read on the subject...the more I am confused.

So, there is this thing called the RMCR that mortgage companies pull for home loans of over $150,000...correct?

Ok...if you are repairing your credit and have success in removing negatives, does this also impact the RMCR...i.e....the negatives are also removed from the RMCR report as well?

[Ahntara]

RMCR = Residential Mortgage Credit Report: A costly information product wholesaled to lenders, usually the mortgage industry.

It's a merged "report" prepared from the raw data pulled from one or more of the CRA's (your Consumer File as defined by the FCRA). Typically the report covers 24 months of verified housing data, adding this with a rental verification if a mortgage loan isn't listed and 24 months of verified employment information. The borrowers may be interviewed prior to completion. Wholesale costs range from $45 to $75.

I prepared RMCR's for EQ. Our reports covered the past 7 - 10 years per standard Reporting Period (FCRA Title USC 1681c, Subsection 605).

The FCRA provides exceptions to the time limit imposed on RP in the section listed above. One of these is a pull in conjunction with a mortgage loan exceeding $150,000. But even though a report of this type is legally available, that doesn't mean your broker, banker or lender will exercise their option to obtain one. Most lenders are well-versed in credit and simply pull a tri-merge. The wholesale cost ranges from $3 to $15.

So, while data removed from your file due to Age or dispute resolution MAY be obtainable, the chances of this data actually being used are slight. If you have any reason to be concerned, simply ask YOUR BROKER what type of report will be pulled and used in conjunction with your loan. Or, you can read the authorization form you sign upon submitting an application. All the details would easily be found there.

*feeling excessively verbose*

What I mean to say is, you, more than likely, have nothing to worry about....

[flacorps]

RMCRs are more commonly used in cases where there is a known credit mess and there are lots of CAs, JDBs and OCs and you can't tell the players and what's owed to whom without a scorecard.

I've also seen some indication that an RMCR is mandatory for many programs (anybody know whether it's all programs?) where there has been a past bankruptcy of one or more of the borrowers.

It's usually used to help somebody qualify rather than to catch somebody and disqualify them .