I am in the process of purchasing a home and the loan officer says she needs to pull my credit again agin since it has been over 3 months. Yet when I contacted other lenders they said it should be good for another couple of months. Plus she charges me each time she pulls it. by lilyri_251_563 from Burbank, California. Oct 24th 2011
Some banks require new credit every 90 days others can go 180 days. They should not be charging you every time they pull the credit. If you would like a second opinion please feel free to email me chris.black@imortgage.com or call 925-286-7681
Yes, it is normal. Lender underwriting guidelines require that all borrower information be no older than 60 days at the time of funding the loan so they need new credit info and income docs such as paystubs, etc.Keep in mind that you may be able to get a better rate now as rates may have improved from when you received your initial quotes. Did you get a written Good Faith Estimate (GFE)? I would recommend asking for an updated quote. If you would like another quote to compare with, please let me or another broker know. For example, I am a fully licensed broker so don't pay any sales commissions which can save you a lot of money.Thanks,-Andrew--Andrew Duquetbrokert510.525.3200andrew.duquet@gmail.com
Very, very rare that any lender will close a loan with a credit report over 90 to 120 days old. In fact, never have. Personally, I would never charge a client for the re-pull, however. There is better service out there than you are receiving. Let me know if I can help in any why. Why is the process taking so long? 619.787.8212 or deborah.garvin@newamerican.com
You may need to get another appraisal; however, I would credit it back to you at closing. Heck, I will even buy all of your credit reports!!! LOL! 619.787.8212. Apply on line at www.newamericanca.com/deborahgarvin
I urge you to be cautious here. Don't be lulled into moving your file over a new credit report requirement. Most investors today know that it takes very little in the way of changes to alter your credit report and score. In fact one of the largest investors of mortgage loans just changed their policy to require a credit report be less than 30 days old at the time they pruchase the loan. The need to pull another report is driven by where you are in the process. If you are still looking for a home, you should not need to pull a fresh report unless you know certain things have changed in your profile. If however you are under contract and getting ready to go into underwriting, it is normal for most, if not all, investors to pull an updated credit report. But this should NOT be an expense you are asked to bear, ever.
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