"Cleared to closed" may not mean "cleared to close".
We are all familiar to the Pre-Approval Process and most of us have migrated to Mortgage Bankers and Brick-and-Morter Banks. This past month, Fannie Mae has announced new updated requirements to the LQI (Loan Quality Initiative).
A second Credit Report will be pulled just prior to closing to assure that no new activities have occured on the buyers reports. Now, more than ever, the Home Buying Bible The Ten Commandments are more important than ever.
We are all familiar to the Pre-Approval Process and most of us have migrated to Mortgage Bankers and Brick-and-Morter Banks. This past month, Fannie Mae has announced new updated requirements to the LQI (Loan Quality Initiative).
A second Credit Report will be pulled just prior to closing to assure that no new activities have occured on the buyers reports. Now, more than ever, the Home Buying Bible The Ten Commandments are more important than ever.
This also includes buying appliances, furniture, or any large ticket item on a credit card. DO NOT DO IT. All big ticket items must be paid in cash, or the loan will not pass the second credit report check.
Real Estate Agents, and Loan Officers, all need to reinforce these buying habits in our buyers.
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