Financial Information
My home lender is auditing my loan application 6 months after closing escrow. Why are they doing that?
Question : My home lender is auditing my loan application 6 months after closing escrow. Why are they doing that?
Today, the human resources of my company said that my home lender called to verify my employment.
I called my lender to ask why are they auditing me… They said that the law obliges them to audit 10% of their loans and I was one of them.
They said they are going to pull my credit. I am very concerned because my credit score dropped significantly eversince I got the loan. Can bad things happen to me at this point?
application audit
Best answer:
Answer by Common Sense
They’re just making sure all the rules were followed. If they were don’t worry.
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#3 written by Chicagodudeman 1 year ago
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#4 written by SportsFan 1 year ago
There may very well be a practice whereby Lenders audit a random amount of people, but I have only seen this done when the Homeowner is either late on several of their payments or have trouble making the minimal amount on a consistent basis. The Lender will reverify employment, credit, income, etc. to get a better picture of whether or not the person was eligible for the loan. There have been instances of falsified applications to purchase a home and this is how they were caught. If you have been making your mortgage payments regularly and on time, you should not have anything to worry about.
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They are looking for fraud, they don’t care about your credit level at this point.