A residential mortgage credit report details your credit, employment and legal history, as well as your residency, to make sure that they are compliant with the guidelines set by Freddie Mac, Fannie Mae, the Federal Housing Administration and the Veteran's Association.
Lenders use a RMCR for clients with complicated credit histories. If a lender has four or more questions about your credit history, they will likely order a RMCR to do a thorough investigation before offering you a mortgage. If your report brings up any further questions, the processing of your mortgage may be delayed.
According to the Department of Housing and Urban Development, RMCR investigators must verify your employment and, if possible, information about your income. If you changed jobs within the past two years, information about your previous employer must also be included in the report. The HUD recommends that your employment history be verified by telephone interviews with former and present employers.
The residential mortgage credit report must also include any legal records, including any judgments, foreclosures, tax liens or bankruptcies within the past seven years. The HUD stipulates that in the event that a RMCR investigation unveils undisclosed public records, investigators must perform additional research to verify their existence.
Any debt you have is also reported on the report. For each account, the report will list how much you owe, when you opened the account, your required payment amount, payment history and current status. The historical status of your payments is indicated by the number of times you have been past due on your accounts.