Mortgages do not require anything once they are in place to be resold on the secondary mortgage market (you have nothing to say about who it is sold to or how often - all in the fine print when you sign the original paperwork) with the packaging in bundles by risk generally bundled such as VA, FHA, Conventional, ARM, sub-prime risk and so on. It is normal to see mortgages repackaged and sold on the secondary market. Lenders don't want to tie up their assets holding mortgages. It is not unsual to see a secondary resale to life insurance companies. You as the person paying the mortgage don't know because a third party will be paid to process the mortgage so that is the name and address you will see. It is also not unsual to see a mortgage get repacked and resold again... "... the game the game the game..." money and greed! There is money to be made selling mortgages at a discount and a fee paid to handle the monthly processing so no one is hurting for money on the lending side of things.

How is the Delinquency Alert System calculated?

That remains a mystery to me. That's some interesting about Wells Fargo. My bank recently sold my morgage to them, no one contacted me regarding any qualifications, paperwork, etc., just telling me where to send future payments.

I'm pretty certain I'm going to pursue a loan with the credit union, just waiting for a couple of inquiries to drop off before I apply.

Wrknprogrs

How is the Delinquency Alert System calculated?

The Chex Systems are a benefit in my opinion. ^_^

DAS is another type of credit scoring program... we all hear about FICO, Vantage and Experian has another program of their own along with FAKO Scores but, we all know little about the particulars that stores, banks, credit unions and the like use for their actual internal scoring system models. The internal scoring system model may use outside credit systems along with and/or incorporate the analysis from the outside scoring systems into their own scoring systems leading to an approval or denial based on the critieria they want to achieve. Example is the different approval standards that department stores and gas station credit has versus bank cards. Did you know there is a system for banking relationships such as checking/savings and there is another scoring system model for auto/home (renters) and other systems for non-bank financials. Yes, I tripped accross all this as it affects me in the last nine months. GADS! The insurance model actually looks at your past perfromance with previous insurers, your credit, payment record, residential stability, oh yeah and your driving record so many things go into a scoring system. The check scoring system even may have the checks you ordered, how often you ordered them and the check numbers (Wells Fargo Bank NA lives by this). The world lost the human touch and devised these neutral, systematic ways to equally score applicants. Believe what you may but they are NOT supposed to discriminate so the computerized scoring systems. Another example is supposedly eliminating "red lining" by zipcode(s). Hmm...

I think that's a way of viewing a credit report. I would contact them again, the person you spoke with may of not understood.


Great to hear you bank with a credit union!

Hi Everyone,

Yesterday I called my local credit union I joined 2 years ago (I do most of banking with them - they aren't too big to fail) to find out about guidelines for getting a personal to purchase a new heating a/c unit for my house. I was told they don't use FICO, they use DAS (Delinquency Alert System) for approval and underwriting guidelines. Anyone ever heard of this system? I googled and found very little information.

Thanks,

Wrknprogrs.