Fannie Mae Loan Quality Initiative - Checklist of Do's and Don'ts during Escrow

By
Real Estate Agent with Long Realty - Dove Mountain, Marana AZ BR564219000
http://actvra.in/5bC

Fannie Mae Loan Quality Initiative-Checklist of Do's and Don'ts During Escrow

Here's a handy checklist for you!

I received an email this morning from Mai Yahn, Sr. Vice President of Nova Home Loans, Phoenix, AZ, outlining yet another step in the mortgage process when buying a new home.  I worked with Mai, and her associate, Carla Stolkin, on a recent real estate transaction involving a FHA Home loan and the transaction went seamlessly smooth.  They urge us to share their email with buyers, and with their permission, am re-printing their information here. The email reads,

"Fannie Mae has instituted a new policy called the Fannie Mae Loan Quality Initiative that requires mortgage lenders to re-pull credit immediately before a loan closes.   

scissors and credit cards all cut upIf your borrower’s credit score changes as a result of any purchases made on a credit card or for any other reason, it will be discovered on the pre-closing credit re-pull and we MUST send it back to underwriting to ensure the borrower still qualifies for the loan.  Consequently, the loan closing could be delayed or, even worse, unable to fund.  All payments on current bills should be made in a timely manner.  Any new credit charges should be postponed until after the first mortgage payment is made if at all possible.

Additionally, the Loan Quality Initiative requires lenders to confirm that companies or individuals involved in the origination, underwriting, or servicing of the mortgage transaction are not on the General Services Administration (GSA) Excluded Party List or the HUD Limited Denial of Participation List (“LDP List”) prior to the close of the loan.  Regardless of the reason for the party being excluded, should NOVA identify any party to the transaction included on either list, we will be unable to complete the loan transaction. "



Here is a list of helpful tips to ensure an effortless loan process.

These DOs and DON’Ts will help avoid any delays with your loan approval.


- DO continue making your mortgage or rent payments

- DO stay current on all existing accounts

- DO keep working at your current employer

- DO keep your same insurance company

- DO continue living at your current residence

- DO continue to use your credit as normal

- DO call your lender if you have any questions

- DON’T make a major purchase (car, boat, fur, jewelry, etc.)

- DON’T apply for new credit (even if you seem pre-approved)

- DON’T transfer any balances from one account to another

- DON’T pay off charge offs without a discussion with your lender first

- DON’T pay off collections without a discussion with your lender first

- DON’T buy any furniture

- DON’T close any credit card accounts

- DON’T change bank accounts

- DON’T max out or over-charge on your credit card accounts

- DON’T take out a new loan

- DON’T start any home improvement projcets

- DON’T finance any elective medical procedure

- DON’T open a new cellular account- DON’T join a fitness club

Get the pdf here for the Fannie Mae Loan Quality Initiative Checklist of Do's and Don'ts during Escrow!

Should you have any questions about the Fannie Mae Loan Quality Initiative , or if I can help you with your home buying or selling in Marana, Oro Valley, Tucson or Vail, please don't hesitate to call!

 

 

Posted by

If I can assist you in your home buying or selling in Marana, Tucson, Oro Valley, or Vail, please don't hesitate to call me!  Email at swdeserthomes@aol.com

Cara Marcelle Mancuso, Long Realty,

520-909-2988   

Regarding the material posted in my blog postings, these are my personal opinions and not those of Long Realty Company. 

All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified.

Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.

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Topic:
Home Buying
Location:
Arizona
Groups:
Realtors®
Tags:
home buying
escrow
checklist
dos and donts
fannie mae loans

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Rainmaker
471,971
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Cara, great infromation. Thanks for making it available

Jun 09, 2010 10:47 AM #1
Rainmaker
299,118
Mike Martin
(909) 476-9600 ~ WeLoveSellingRealEstate.com - Fontana, CA
The TCR Group - Realty Masters & Associates

I agree - great info! Thanks for the link!

Jun 09, 2010 12:05 PM #2
Rainmaker
631,422
Cara Marcelle Mancuso
Long Realty - Dove Mountain, Marana AZ - Tucson, AZ
Call a Marana neighbor, I'm THERE! LONG REALTY

Janie and Mike - You're welcome!  Hope it comes in useful.

Jun 10, 2010 04:12 AM #3
Anonymous
Cynthia

Curious, would FHA loans be subject to this policy? or only conventional?

Jun 20, 2012 06:54 AM #5
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Rainmaker
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Cara Marcelle Mancuso

Call a Marana neighbor, I'm THERE! LONG REALTY
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