Fannie Mae’s (the US Government’s) New Rule

We just learned that, effective June 1 (thanks for all the warning, huh), any loan done as a Fannie Mae loan (which is most of them) will require a second credit report be pulled just before the loan funds. Which means that they are going to pull another report after your loan actually closes, but before they release the money to the title company.

They are doing this to ensure that you have not acquired any more debt since the process started. Seems fair, right? Well, as with almost anything the government touches, it is poorly thought through.

When your credit is pulled again you are going to get dinged, again, for the inquiry. What if your score was borderline for you getting a program and/or rate betterment, and your score now drops below the acceptable level for that? Does your rate now change? What if you don’t qualify for the program now? Do we have to start all over? Or, worse yet, do you lose the loan? We are not sure how they are going to handle these situations, but they are going to have to be addressed. Stand by…

About Two Bald Mortgage Guys

Ken Blanchard, one of the country’s premier business leadership authors, says in his latest book, “To keep customers today, you can’t be content to merely satisfy them; you have to give them legendary service and create ‘raving fans’ – customers who are so excited about the way you treat them that they tell stories about you.” In everything we do, this is what we envision. We see people such as yourself being so enthused with the process and service we provide that you will become a raving fan for us, telling stories to people of what you just experienced.


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Albuquerque, NM 87113
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