- May 8, 2014
- Posted by: Joel Firestone (G-Net Consulting)
- Category: Press Releases
Evergreen, Colo., May 8, 2014 – Serving as an update to the Advantage Credit, Inc. press release dated August 27, 2013 in which a fix was announced to how short sales were conveyed on credit reports, that announced fix has apparently failed. The Desktop Underwriter® (DU®) mechanism which is supposed to give lenders the ability to override incorrect foreclosure tradeline data only works some of the time. Fannie Mae is aware of the problem and is working to correct it, but so far has not been able to do so.
This fix was a welcome solution for many homeowners in the position of having to short sale their homes. Those homeowners have now been left with a notable ding to their credit reports as well as a lot of frustration. Until Fannie Mae is able to provide a permanent solution to this problem, it is recommended that anyone in this situation talk with their lender about the option of a manual underwrite for obtaining loan approval.
This failed fix is also a disappointment to those who worked so diligently to get this problem corrected; The National Credit Reporting Association (NCRA) is staying close to this problem and hopes to be able to announce that the issue has been resolved soon.
About Advantage Credit Inc.
Advantage Credit Inc. is a national leading provider of mortgage and banking solutions, background and tenant screening and business credit solutions with corporate offices in Evergreen, Colorado. Advantage Credit Inc. has a proud 20-year history of providing superior customer service while leveraging the most advanced credit technologies for leading mortgage companies, banks and credit unions nationwide. For more information on Advantage Credit Inc., please visit www.advcredit.com