Does Arch MI accept borrowers who have “frozen” their credit?-
Does Arch MI accept borrowers who have “frozen” their credit?
Yes. Arch MI follows Agency guidelines with regard to underwriting loans for borrowers with frozen credit. If the borrower’s credit information is frozen at one of the credit repositories, the credit report is still acceptable as long as credit data is available from two repositories, a credit score is obtained from at least one of those two repositories and the lender requested a merged in-file report from three credit repositories. In the event no credit score is available from either of the two “unfrozen” credit repositories, Arch MI’s non-traditional credit guidelines may be used for consideration of mortgage insurance eligibility.