Fannie Mae Further Tightens Lending: Second Credit Report Just Before Closing

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In this still relatively frozen credit market, you would be fortunate to be approved for a mortgage. However, Fannie Mae on June 1, 2010 put into effect new strict standards in the form of Quality Loan Initiative (QLI) that encourage your lender to conduct another credit report check on you just hours before closing. The second credit report could scuttle the deal and cost you your earnest money. Let us review this development and explore how to forestall such evenuality.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Doron Eghbali, Law Advocate Group, LLP | Attorney Advertising

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