I just closed on a cash refi on Friday. Funding is supposed to be done tomorrow (Wednesday). I had a fraudulent credit card inquiry on my report yesterday (Monday). My lender contacted me and I sent a signed letter explaining the fraudulent inquiry. What do I do now? Will they delay funding or end the cash refi entirely?
They literally just told me to send a signed letter explaining. I never got a response to that. Should I assume I'll still be funded tomorrow? Can they just not fund me at this point for something so stupid?
yes, but I didn't have a previous loan. It was a condo paid in full. I'm just wondering if i should take extra steps (not that I know what those would be) to talk to the lender about if it's affected...
baigs said: They literally just told me to send a signed letter explaining. I never got a response to that. Should I assume I'll still be funded tomorrow? Can they just not fund me at this point for something so stupid? If you don't send the signed letter , they will most likely cancel funding.
baigs said: yes, but I didn't have a previous loan. It was a condo paid in full. I'm just wondering if i should take extra steps (not that I know what those would be) to talk to the lender about if it's affected... Doesn't matter than your condo is free and clear. They want to make sure that you won't go out and get another loan on the same condo or that you're no piling of recent debts. They want to ensure that the the LTV and DTI ratios they approved for still holds true before the funding. And you can't rush the funding either, it's all in the UW's hands. Unless they're satisfied with the explanation for the recent inq on your report, this loan is not going anywhere.
Again, did you call them and asked them if they'll fund it as soon as the closes?
My guess is if it's a credit card inquiry (and not a mortgage lender inquiry) and the rest of your credit report and score are still in the same range, it shouldn't be a problem regardless of the validity of the inquiry. They just need an explanation.
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