I got an email from my mortgage broker last night regarding the refi of Rental #1. He said the current mortgage for Rental #1 does not show up on my credit report, so he would need me to fill out a Verification Of Mortgage form.
There are two reasons the loan doesn't show up on my credit report: 1) It's in the name of my LLC, not me personally. 2) I have not reported any payments to any credit agencies. If you recall, this is a mortgage from one of my LLCs to another and no bank is involved. I haven't reported any payments, although I suppose I could if I wanted to establish credit for my LLC.
Anyway, I emailed the broker back and asked what exactly a Verification Of Mortgage is. After all, I've already sent him a copy of the actual mortgage, complete with the county recorder's filing stamps on it. I've also already sent a payoff letter to the escrow company. I can't imagine what other verification he would need. No response so far.
Update: Turns out a Verification Of Mortgage means the new lender wants something from the old lender showing that the payments were made on time, the loan is current, etc.
Wednesday, April 25, 2007
Verification Of Mortgage (Updated)
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