Fannie Mae Guidelines Changes Effective June 1, 2010 – Credit Check Before Closing
John Thomas
May 21, 2010
Fannie Mae Announces – New Credit Guidelines, Lender required to check credit right before closing to verify no new inquiries on credit or new open accounts. This could cause a loan to be denied at last minute or at least delay closings. Need to educate borrowers that once mortgage application is made, absolutely nobody can check their credit for any reason!! There are some other items outlined as well such as social security number validation and stricter occupancy validation required by the lender. If you would like me to send you the complete update from Fannie Mae, just leave a comment and I will send it to you. Here is the link to the Official Release from Fannie Mae. There are two documents the initial release from March 2010 and then a follow clarification of the new guidelines released May 2010 that specifically state lender must verify by checking credit just prior to closing. http://www.box.net/shared/v49fvt3n3f
For more information please contact John R Thomas at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com
If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.
John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Chestnut Hill Rd, Newark, DE 19713
