Jan 09, 2012
Remind your clients: Their credit will be re-pulled just before closing
09 Jan 2012
Posted by Andrew Kantor
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.