FHA – Credit Report Issue

[Dennis Feriozzi]

I recently was able to get a file approved for two applicants. The problem is, one applicant spelled the last name wrong by one letter of the other applicant, making the credit report off by one letter. It still was able to find him through SSN and address, but now my underwriter is telling me I have to repull the report to reflect the correct name.

I tried calling credco, and they said a repull is the only way to change the name on the report opposed to reissue. If I repull, I fear they will lose approval as their score has dropped slightly. Does anyone have experience getting a loan approved with a typo on the credit report. Again, it still is the borrower’s credit report, just a typo on applicant info that I submitted. The rest of the report shows the correct name since it matched his SSN and address. Let me know if I can fight the underwriter on this one!

Thanks,
Dennis

[Dustin Owen]

Man…my take is to fight the Underwriter. I think this is something you work through. I am pretty sure my company has let us fund similar situations.

[Dustin Owen]

But I will ask our VP of UW and get her take for you all. Sit tight.

[Dustin Owen]

Here’s her take, “As long as the borrower’s SSN and DOB are correct, and his correct name is appearing in the AKA section of the report, you should be fine to proceed with the report that you have.”

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