Mortgage Payment History

Documenting Previous Mortgage History

The underwriter must review the borrower's credit report to determine the status of all mortgage accounts. If a borrower had previous mortgages, the underwriter does not have to independently verify the mortgage’s payment history provided the credit report includes a reference to the mortgage (or mortgages) and reflects 12 months of the most recent payment activity.

If adequate mortgage payment history is not included in the borrower’s credit report, the underwriter must use the following to verify the borrower’s payment history on a previous mortgage(s):

• a standard mortgage verification;

• loan payment history from the servicer;

• the borrower’s canceled checks for the last 12 months; or

• the borrower’s year-end mortgage account statement, provided the statement includes a payment receipt history, and, if applicable, canceled checks for the months elapsed since the year-end mortgage account statement was issued.