July 8, 2013
Pre-Closing Credit Checks
Since 2010, Fannie Mae has required lenders to recheck a borrower’s credit right before closing the mortgage. It is advised that borrowers not do anything that might affect their financial status quo until the mortgage has been closed. For example, purchasing a $3000 flat-screen television on a new credit card account may cause the loan to be sent back to underwriting.
Article can be found: https://www.nytimes.com/2013/07/07/realestate/pre-closing-credit-checks.html?adxnnl=1&adxnnlx=1373291990-/8qE0gsWAwJBjANdXsiVSw
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