Why does it take so a yr to get a mortgage after the last late payment , a credit score of over 700.?

Asked by Wunmis, Suwanee, GA Sat Apr 21, 2012

Was messed up Wells Fargo loan remodification program. I could not get any help till I was told I have been current so need no help.

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Sun Apr 22, 2012
That is because a mortgage late is VERY severe. It is the worst type of late payment you can have. You are asking one mortgage company to give you a mortgage when you recently missed a payment with another mortgage company.

If you have received a loan modificaiton, there are going to be other restrictions on your future ability to purchase. To get a modification, you generally need to show a hardship. Some type will have to pass from the time the modification was completed.

It sounds to me like Wells Fargo is just following standard industry guidelines.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
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Wunmis, Both Buyer And Seller, Suwanee, GA
Sun Apr 22, 2012
It makes no sense if one's been current for 13 yrs straight? Till the nonsense of modification came along. I have a clean history before all of this mess tent put me into. I think the guidelines should be revisited. And no one should ever do
business with wells Fargo.
0 votes
Steve Manos, Agent, Wildomar, CA
Sat Apr 21, 2012
Underwriters have to work within guidelines set forth by their investor and/or management team. Payment history is a huge part or the decision making process. Credit scores are only one part of the credit qualifying process - the lenders still have to consider what's actually on the credit history.

Aside from sub-prime and hard money, I can't recall anyone with a 30 day mortgage late qualifying for a new loan or mortgage in 17 years in the industry unless there was a mitigating circumstance that was on the level of a documented death or serious injury.

I guess the best way to look at the situation is if you had a few hundred thousand dollars to loan at a 4% rate for 30 years, who would you lend it to? Would you take a chance on someone that was slow to pay within the past few months because they were asking the last guy that lent them money to change the terms of their agreement? Or would you loan to someone that had a steady pay history for two year or more? I know who I'd prefer to work with.
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