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Residential Mortgage Credit Report

by: Sahil | last updated: December 02, 2009
Tags: Residential mortgage credit report, mortgage, mortgage credit report, credit
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Residential Mortgage Credit Report

Residential mortgage credit report (RMCR) is an additional report that gives particulars on things that have been flagged in a combined report as a consequence of uniting reports from Equifax, Trans Union and Experian.

 
Your creditor might ask for a residential mortgage credit report when you are submit an application for a mortgage and the RMCR will include joint data from no less than two of the three nationwide credit bureaus.
 
The residential mortgage credit report (RMCR) is used by mortgage lending clientele when diverse trade line verifications are wanted, and comprises features such as verification and revision of collection accounts, re-verification of disputed data, verification of debt, and other applicable matter.
 
The lenders may verify whether your residency, employment, and credit scores, are in tandem with or exceeding Fannie Mae, Freddie Mac, FHA, and VA guidelines. Fannie Mae and Freddie Mac, have conservatorship of FHFA (Federal Housing Finance Agency). These agencies are responsible for controlling sub-prime lending in the United States.
 
This report is especially important for people who have low incomes or who have just started their career. This is because many acts passed by the Carter and Clinton administration make it possible for people in low income groups to acquire credit. However critics have emphasized the role of sub-prime lending in the recent recession.
 
The Residential Mortgage Credit Report makes it easier for lenders to judge the ability of the borrower to repay the loan. Therefore relevant information such as employment details and payment history is crucial when applying for a mortgage.
 
The bottom line is that the Residential Mortgage Credit Report is an important addendum to your normal credit report which makes it more comprehensive in nature compared to a traditional credit report.

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