Collier Swecker video blogs about Fannie Mae’s (and undoubtedly most other loan programs) decision to require Lenders who are originating mortgages that will be sold to Fannie Mae to pull a credit report on the borrowers immediately before closing. This is was an understandable decision for Fannie Mae because many borrowers who get a finalized sales contract on a home and get a loan approval for the purchase, get so excited that they run out and buy furniture and other furnishings and do so by opening new lines of credit at various stores. This causes the borrowers monthly obligations to change due to the new debt that has been created and the borrower may now not meet the Debt-to-Income requirements that were required by the Lender under the original approval. All borrowers need to ask their lender if it is ok to make major purchases after they receive initial loan approval but prior to closing, or else they may find that they may have a home to put that brand new furniture. In reality, I have been advising my clients not to even think of opening new lines of credit until after the loan has closed and all monies dispersed! If you have any comments or questions about Lenders wanting a second credit report right before closing, email me at Collier@MegaAgentRealEstate.com or visit my website at www.MegaAgentRealEstate.com.