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credit: Credit Do’s & Don’ts Before Closing - 01/20/11 02:32 PM
A new rule (Fannie) called Loan Quality Initiative went into effect on July 1, 2010 that requires lenders, BEFORE CLOSING, to check credit to make sure borrowers have not incurred any new debts. If borrowers incur MORE debt, and it affects the underwriting ratios by more than 2%, the loan will have to be re-underwritten prior to closing.
Consider "Coaching" Your Clients with some Old School Advice!
Don't - Allow multiple credit checks
Don't - Apply for new credit within 45 days of signing a contract
Don't - "Shop" for new credit before closing (Furniture, cars, etc)
Don't - Go on … (3 comments)
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credit: Alert! Your Name is Being Sold - Take Action Now! - 06/13/08 08:32 AM
Here's breaking news you need to know ... and you need to let all your family and friends know right away as well.
Your information ... a hot commodity
Having credit checked is an important and necessary step in the home buying process. But very few people realize that each time their credit is checked, the "inquiry data" that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file have now become a commodity. This information is being sold by the credit bureaus to other lenders...and also to companies that sell and resell the same names and personal information.
That's … (3 comments)
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Michael Reeve
Bexley,
OH
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The First Bexley Bank
Address: 2680 East Main Street, Bexley, OH, 43209
Office Phone: (614) 682-5252
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