Remind your clients: Their credit will be re-pulled just before closing

The headline says it all, but it’s worth noting. As part of their Loan Quality Initiative, Fannie and Freddie are having lenders re-pull applicants’ credit reports just before closing, in case something has changed since the loan was first approved.

So… tell your buyer clients not to open any new credit accounts (e.g., “Get a JC Penney credit card and save 10%!”), buy any cards, or even spend a lot of money before they get their loans.

Dan Green has more over at The Mortgage Reports.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in The Buzz. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *