Fannie Mae & Second Credit Reports
There are a lot of rumors out there about this right now. Here is what the HousingWire reported.
A source at Fannie tells HousingWire that reports in the press are misstating the actual provisions of the LQI1, coming into force June 1. The source says that a second credit report on the borrower needn’t be pulled near to closing on the mortgage, although “a lender may choose to do so,” he said.
As I learn more I will let you know but remember, the lender may choose and guess what? I am sure we will be choosing to pull. We have to protect ourselves. The best thing to do is to tell the borrower not to use any credit cards or take on any debt until the loan is closed.