Identification of Significant Derogatory Credit Events in the Credit Report Also see B3-5.3-08, Extenuating Circumstances for Derogatory Credit, for additional information. See B3-5.3-09, DU Credit Report Analysis, for additional information pertaining to DU loan casefiles, including how the waiting period is determined. The waiting period commences on the completion, discharge, or dismissal date (as applicable) of the derogatory credit event and ends on the disbursement date of the new loan for manually underwritten loans. This topic describes the amount of time that must elapse (the “waiting period”) after a significant derogatory credit event before the borrower is eligible for a new loan salable to Fannie Mae. The lender must make the final decision about the acceptability of a borrower’s credit history when significant derogatory credit information exists. The lender must determine the cause and significance of the derogatory information, verify that sufficient time has elapsed since the date of the last derogatory information, and confirm that the borrower has re-established an acceptable credit history. (/info/mls-disclaimers/#mls_5632)Note: The terms “preforeclosure sale” and “short sale” are used interchangeably in this Guide and have the same meaning (see Deed-in-Lieu of Foreclosure, Preforeclosure Sale, and Charge-Off of a Mortgage Account below). Property information displayed is deemed reliable but is not guaranteed.Ĭopyright 2022 Bright MLS, Inc.
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