MiSource - Mortgage Information

MiSource Product Feature
We are happy to announce that we are now offering employment background checks as well as tenant screening. Below is a partial list of product offerings:
• Criminal history searches
• Drug screens
• Motor vehicle reports
• Employment credit reports
• Social security searches
• Education history
• Workers compensation reports
As everyone is aware, it is very important to know who you are employing for the protection of the business as well as for the safety of your valuable employees. Look for more information to come regarding these new products and how they can benefit you. Please direct any inquiries to MiSource Employment Screening at www.miscreening.com or give Pat Bishop a call at 866-604-8499.

Freddie Mac Reissues
Two major changes have taken place recently in the processes involved in working VA and FHA loans. MIS has taken all necessary steps to ensure that the only way these changes affect your credit reports is that they have given you the ability to save money.
On May 1, HUD changed the underwriting process for Fannie and Freddie to use HUD’s own scorecard when processing government loans. This has increased the influence HUD has over the credit decision process and restructured the roles of Fannie and Freddie into access gateways for these types of loans.
While Fannie Mae has always utilized a tri-merge credit report, Freddie Mac has used a “stack-and-list” type of report where no credit files are merged. The new FHA Total Scorecard requires tri-merged reports. On June 1, Freddie rolled out a reissue feature allowing you to order credit reports directly from MiSource and then reissue through Freddie Mac underwriting. You now can access credit information for pre-qualifying and use the same report for submission. Please contact our technical department for more information regarding this new process.

Keep in Mind…
Spanish language reports are now available and, importantly, can be ordered at no additional cost. Simply call (800)842-5616 and ask for technical support. It’s a simple, quick matter of “throwing a switch” in our computer system and you’ll have no more English-to-Spanish translations worries. Also this option gives you the ability to specify, for each report, whether you want to see it in English or Spanish. You can easily move back and forth on any report with just one mouse click.

Tech Topics
A common question we receive in technical support is, “Can we assign a reference/reissue number to a non-Fannie Mae report.” Unfortunately it is not possible to go back in time to change a non-Fannie report into a Fannie report. The report must have been pulled as a Fannie report initially. To pull a Fannie report, simply choose “Fannie Mae” as the report type if you do not have a vendor selection field. Most systems for pulling credit reports can also have that option set up as a default. Another common question is, “Can I use a Fannie Mae report for other types of loans or underwriting?” Absolutely! These reports can be used for manual underwriting or with the FHA Total Score Card (see article above). For more information about either of these two issues, contact technical support at 800-842-5616.

Fair and Accurate Credit Transaction Act of 2003
The FACT Act of December 2003 affected many upcoming issues relating to information suppliers and credit reporting agencies. One of the most recent items that has affected our industry is the reporting of medical information. It is now required that all medical information, regardless of whether it is reporting in a trade line from a collection agency or a public record item, must be passed on only as a “medical” item, with no additional descriptions. It is the policy of MiSource to pass on any helpful telephone numbers that may be available to us for the convenience of the consumer. Please note, however, additional information regarding the account will not be disclosed to MiSource.