Posted By: Truffle Royale
requirement for married applicant by WHEDA - 10/31/05 07:42 PM
I've posted this in the Wisconsin forum but I thought I'd try here to see if anyon has any help or opinions on this, particularly those of you in marital property states.
MARRIED BORROWER APPLYING AS AN INDIVIDUAL
WHEDA requires that a joint tri-merged credit report be included in the credit underwriting package. The non-applicant spouse would be required to sign the Mortgage at closing but could not take title. WHEDA is the Wisconsin Housing and Economic Development Authority
This just screams out at me on two counts:
1) How can they require a joint credit on a individual borrower?
2) How can they dictate who will and will not be on title?
All your thoughts/comments are appreciated by this one person compliance dept.
MARRIED BORROWER APPLYING AS AN INDIVIDUAL
WHEDA requires that a joint tri-merged credit report be included in the credit underwriting package. The non-applicant spouse would be required to sign the Mortgage at closing but could not take title. WHEDA is the Wisconsin Housing and Economic Development Authority
This just screams out at me on two counts:
1) How can they require a joint credit on a individual borrower?
2) How can they dictate who will and will not be on title?
All your thoughts/comments are appreciated by this one person compliance dept.