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My lender is pulling my credit again is that normal?

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 Reply


Chris Black (Cblack)
#308 ranked lender in California - 7 contributions

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

Oct 24th 2011
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Andrew Duquet (andrew.duquet)
#530 ranked lender in California - 2 contributions

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

Oct 24th 2011
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Great. SO you don't charge for credit pulls? Will you charge again for the appraisal or can it be transferred? Do I jut have the loan officer send you my file? And do you split the commission together?

Oct 24th 2011
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Deborah Garvin (loanmonarch)
#496 ranked lender in California - 53 contributions

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

Oct 24th 2011
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Deborah Garvin (loanmonarch)
#496 ranked lender in California - 53 contributions

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

Oct 24th 2011
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,828 contributions

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.

Oct 24th 2011
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So the service I am receiving is bad in most of your opionions? The appraisal was just finished today. Our purchase contract was completed about 2 weeks ago. Maybe a little more. The real estate agent we are dealing with wrote into the contract that needed to close in 17 days, but my loan officer said that was impossible. She says she saved me from having to loose my escrow of 10,000 grand, because she talked to her and said most FHA deals take longer. What I do not understand is that I am under contract with the real estate broker for 180 days but I can switch loan officers any time. It seems like my loan officer will get screwed out of their salary if I jump ship according to what I am reading, and that makes me feel unethical since she has been working with me since the beginning and helped me establish alternate credit and takes my calls at 11 PM. So can she get paid still?

Oct 24th 2011
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I forgot is $11 for all three credit reporting places unreasonable? I tried to give her my free credit report but she says it has to be in the lenders name. The real estate agent says her in house guy can close this in 10 days and that if my loan officer really wants my business she will pay the 11 dollars. So, who is telling me the truth?

Oct 24th 2011
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