Buyers required to get a 2nd credit check before closing!

'Mortgage giant Fannie Mae rolled out its Loan Quality Initiative (LQI) June 1, thereby forcing homebuyers to obtain mortgages based on "refreshed" credit reports or risk their closing being canceled and, in some states, their deposits forfeited.' (Inman News)

I ran across this article and it kind of shocked me that these institution's haven't been doing this from the get go!  How many of your clients have done something with their credit during escrow after you URGED them not to a THING?!  We all know what kind of trouble a buyer can get in to when they fail to follow instructions during escrow, especially when it deals with their credit.  'Do NOTHING!' is my advice to my clients.

I believe it's important for EVERYONE to understand that credit scores can vary week-to-week like a bad diet!  This new Loan Quality Initiative is going to hurt people, but it's necessary and it creates a check and balance system that may have saved the market getting out of control from 2004-2008.