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Fannie Mae is releasing a new initiative call "Loan Quality Initiative" (LQI). This has many aspects and impacts to the mortgage business. One of the most important begins today. Beginning today a buyers credit has to be re-ran at closing and any new debts or inquiries must be factored in and the loan re-underwritten to account for any changes.

 

This has the possibility of causing HUGE delays at closing if new debts have been incurred during the escrow period. It is more important than ever to not make any large purchases or any changes to your credit profile during the escrow period. There is much more to LQI than just running a second credit report before the loan funds to make sure that the borrowers didn't visit Macy's Home Furnishings to run up their credit card. here is a link to all the details. https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/ll1003.pdf

 
Posted by Larry Iest on 06/01/2010 03:55 PM   Comments (0)   mortgage fthb purchase refi  
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Larry Iest

Hemet, CA

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