Complaints about inaccurate data include issues such as account status, account terms, “information is not mine,” personal information, public record and “reinserted previously deleted information.”
Lenders spend an inordinate amount of time responding to FHA indemnification requests about minor concerns that in many cases are ultimately revoked, according to the Mortgage Bankers Association.
Many banks are beginning to shy away from the product as the Inspector General of the Department of Housing and Urban Development and Justice Department take banks to task for underwriting flaws.