Looks like there may be another check of a borrowers credit prior to closing, which may cause delays or denials on some deals. Here's the update from Fannie Mae:
Fannie is requiring all debts incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final application and included in qualification. Missed debts will make the loan ineligible and subject to repurchase. Lenders must have adequate internal controls and processes in place to evaluate borrower liabilities. Effective with applications on June 1, 2010.
Best practice would be to hold off on any major purchase on credit between the loan application and closing.
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