Last year, Fannie Mae sent out an alert reminding lenders to have measures in place to determine whether or not a borrower has obtained additional credit since the initial inquiry. Many lenders took this to mean that a new credit report is required immediately prior to closing. Even though Fannie Mae clarified that this was not their intent, many lenders still do this. Instead of a new report, Prospect Mortgage monitors the existing credit report. This means that no new scores are pulled, but we are alerted of any new inquiries.
There is no such thing as a soft pull in the mortgage world. All credit report inquiries by a mortgage company are hard pulls. Soft pulls do exist in other industries, not mortgage is not one of them although I do hear this myth quite often.
Should you close on your home within 90 days of the intial credit inquiry, that may be your only one or the company might pull one more time.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® |
HomePathÂ® Renovation | VA | USDA | GA Dream