“Adverse Action” Letter from PMI Underwriter

Did you receive a letter from a private mortgage insurance company about an “adverse action?” Don’t worry, it’s typical and you’re not in trouble.

The Fair Credit Reporting Act (FCRA) requires that whenever an insurance or credit issuer pulls your credit report and uses it to set an insurance rate or terms of credit they are required to file an “adverse action notice” and send it to you. If you just applied for a mortgage loan that had a loan to value ratio greater than 80% (i.e. you need PMI), then your lender likely applied to a PMI underwriter for mortgage guaranty insurance (MI) on your behalf. The underwriter then pulled your credit report, decided on a rate, and then mailed you the “adverse action notice.”

This entry was posted on Wednesday, April 12th, 2006 at 7:20 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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