4506T Electronic Signature Addendum.docx (27.54 kb)

4506T, Mortgages electronic signatures

IRS approves

Electronic signature Proposal for the 4506T

There’s been quite some confusion as of late regarding the differences in dispute verbiage and what we can and cannot remove and what documents are required. The Following are the different types of dispute verbiages that can appear on a credit report and what is required to remove them through the rescore process.

·         CONSUMER DISPUTES THIS ACCOUNT INFORMATION – This is a standard consumer dispute and can (almost always) be removed with just the completed/signed consumer letter we provide to the client.  If it’s a joint account, they must have the attached letter completed and signed by both consumers.  Equifax will not accept a letter signed by two consumers unless it has the plural wording “I/We”.

·         ACCOUNT PREVIOUSLY IN DISPUTE-NOW RESOLVED-REPORTED BY SUBSCRIBER – ANY dispute that makes reference to “CONSUMER DISAGREES”, “REPORTED BY SUBSCRIBER” or “REPORTED UNDER FCRA” requires a letter from the consumer AND a letter from the creditor stating that the account is no longer in a dispute status.

·         CONSUMER DISPUTES - REINVESTIGATION IN PROGRESS – This is a consumer initiated dispute and is actively being investigated by Equifax.  A rescore request to remove the dispute verbiage cannot be processed.  The consumer has two choices: 

1.         Wait until the investigation is complete and they receive the results. 

2.        Contact Equifax Consumer Affairs (800-203-7843) and request that the investigation be stopped and the dispute verbiage removed. 

 If they choose to call Equifax to have it stopped, they should ask them how long it will take for the dispute to be removed from their report and a new report will need to be pulled after that date.  If CIC submits a request through rescore to have this type of dispute removed, it will go into investigation until the current investigation is complete.  No exceptions.

Consumer Credit, Mortgages

CIC Accurate Appraisal management (AAM) is a full service appraisal management company. AAM manages the process of high-quality appraisals for banks and lenders nationwide, from inception to completion. AAM keeps our clients updated throughout the entire appraisal process.

CIC Accurate Appraisal management helps your organization stay compliant with all the current guidelines. Instituting new appraisal compliance guidelines can be costly and time-consuming for lenders. AAM makes compliance easy. CIC Accurate Appraisal management is UAD (Uniform Appraisal Dataset) compliant and prepared for Fannie Mae/Freddie Mac Uniform Collateral Data Portal (UCDP) required as of March 2012.

CIC Accurate Appraisal management combines the latest technology and superior customer service to best serve our clients. AAM provides the highest quality appraisals and ensures, trusted certified appraisers are completing and delivering your appraisals. AAM helps maintain your cost structure, turn around times and quality of work.

CIC Accurate Appraisal management's technical benefits:

· Reports can be ordered, tracked and received 24 hours a day, 7 days week

· Fannie Mae : UCDP -Uniform Collateral Data Portal Technology

· UAD Compliance

· Communication/E-mail log tracking on every order

· LOS Integration

· Manual and Automated Quality Control Review

· Appraisal e-mail delivery options - to lender and borrower upon completion

please contact Mike Thomas or your local account executive for more information about this exciting new service

Inquiry verification policy and procedures

Inquiry policy as effective immediately is as follows

CIC will require the borrowers’ authorization for all requests made on any verification services.

Any request being made on an inquiry that is a Credit Reporting Agency will be completed as refused to verify i.e. Kroll, Factual Data, Equifax Mortgage, CBC, Innovis, etc.  the below comment will be placed on all CRA related inquiries – Refused to verify – credit reporting agency inquiry–no new credit

On all request regardless of age, CIC will request the LOX to assist and guide us in the verification process when placing calls to creditors, i.e. account number, contact names, or reason for credit inquiry to name a few.

Any other inquiry that is less than 45 days old will be called to verify, CIC will request the LOX to expedite the verification(s).

Any other inquiry over 45 days old will be verified using our new methodology

1. CIC will request a LOX to expedite the verification(s) to get consumer explanation.
2. CIC will review the refresh report if it exists to verify any new tradeline from inquiry(s)
3. CIC will use bureaus portals to glance at any new tradelines
4. IF creditor refuses to verify CIC will conduct a conference call with the borrower and creditor, this will delay turn-times when coordinating with the borrowers schedule.

Thank You,

CIC Management