Supplements & Rapid Rescore

Same Day Response
Mortgage Fax makes it easy to verify credit trade lines. Trade lines can be verified with one mouse click directly through our secure website. The request is electronically delivered to the Mortgage Fax Customer Service Department and completed the same day.
Tradeline verifications can include:

• Updating a mortgage account
• Ensuring an account is current
• Verifying rent
• Confirming a next payment due date
• Determining whether a collection has been paid
• Collecting the payoff address for a collection to be paid at closing
• Finding out if judgment or lien is released

Rapid Rescore
Rapid Re-Score is available to mortgage brokers and lenders only, and you must be a Mortgage Fax client in order to access this service.

Certainly you have experienced the frustration associated with having inaccurate, outdated or derogatory items appear on your borrower's credit report in error. In the past, this might have prevented you from getting the best terms for your borrower or perhaps killed the deal altogether.
Now you have a tool to address this problem: Mortgage Fax's Rapid Re-Score.

Become familiar with this valuable service by reviewing the important Rapid Re-Score FAQs below.

What types of information can be corrected?

• Collection accounts still showing an unpaid status
• Judgments or tax liens that have been paid or satisfied
• Late dates that were reported in error or changes in account status, (i.e. from "delinquent" to "current")
• Accounts that should be included in a discharged bankruptcy
• Accounts that have been paid and closed but still show a balance owing

What information must be provided to Mortgage Fax?
Obtain supporting documentation from your applicant. Listed below is the only documentation accepted by the bureaus:

• Letter from the creditor or collection agency
  (Must have the same account number on letter or receipt as being reported by the bureau(s))
• Certified satisfaction of judgment from the court
• Certified tax lien release from the IRS
• Certifed bankruptcy discharge papers from the court
• The bureaus will not accept the following documentation: Canceled checks, receipts for money orders, account statements, hand-written letters, third party documentation.

How long will it take to make the changes?
Once the documentation is received and accepted by the bureaus, turn-around time is 3-5 business days. If the documentation is not accepted by the bureau(s), you will be notified by Mortgage Fax.

What happens after the bureaus make the corrections?
Once the corrections have been made to the file, the bureau(s) will notify Mortgage Fax and we will access a new Tri-Merge report with the updated file information.

Will the score be raised?
This service could result in positive movement of the score(s). However, Mortgage Fax, Inc., Experian, Equifax, Trans Union or Fair Isaac cannot guarantee a positive movement in the credit score(s)

Can't my borrower dispute incorrect information on his own?
Yes. The borrower may go through the normal dispute process with the bureau(s) directly. However, some disputes can take up to 6 weeks before they are resolved. Keep in mind, however, that if the consumer initiates the normal dispute process directly with the credit bureaus, the Rapid Re-Score service may not be used since the consumer-initiated dispute process must run its course.