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How To Enter Mortgage And Rent History |
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The method of displaying the mortgage and rent history is very precise. Study the examples below. Red and blue colors used in the examples are for illustration purposes only. By default mortgage and rent history is displayed in the Loan Submission screens the way you see it below (12 consecutive 1's) 111111111111 In the example above, each of the 12 consecutive 1's above represents the loan payment status for each of the past 11 months plus the loan's current status. The first 1 on the far left represents the current payment status of the loan. The payment status of the loan 11 months ago is represented by the 1 on the far right. The twelve consecutive 1's represent 12 consecutive payments that were paid as agreed. Each 1 as an M-1 rating for that month. An M-1 means the account was paid as agreed. 221111114321 In the example immediately above, the loan is currently 30 Days Late (the number on the far left is a 2). The loan was also 30 Days Late last month, represented by a 2. The loan payments were on time for the previous 6 consecutive months (there are 6 consecutive 1's). The 4 indicates that the payment for that month was 90 Days Late. The 3 indicates a 60 Day late Payment. 121111111XXX In the example directly above, the loan is presently Paid As Agreed. Last month the mortgage payment was 30 Days Late and there is no payment status information for the oldest 3 months indicated by X's. If a Borrower has no mortgage or rent history (maybe they have been living with parents and not paying rent) put 12 consecutive X's in the field that displays mortgage or rent history as shown below. XXXXXXXXXXXX Don't ever leave a blank mortgage or rent history field. Use 12 consecutive X's instead. |
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