Collection and Conventional loan question

[Anonymous]

We're in the process of buying a new home and we close next month. We both have great credit scores (me in the mid 700's and my dh in the high 700's) and from what I've been told, we have our final approval. We're getting the financing through the builder's mortgage co and I know they work a bit different, but from what I've been told, they will not run our credit anymore and they don't need anything else from us except who we will use for our insurance. I got a small medical bill of $63.96 sent to collections! This is my first time for anything to be sent to collections and I don't even remember getting anything say that they were sending us to collections because if I did, I would have paid only $63.96! Do you think that will make jeopardize our mortgage?! I'm going to pay it ASAP but I cannot believe this went to collections!! I know they said they won't need to pull our credit again, but still, it scares me half to death!

[Anonymous]

Relax, you should be fine. What has been an improvement in our industry is the sharing of a credit reports because of automated underwriting. When I pull a report, rarely does a lender I work with pull their own report because we brokers have the ability to access Fannie Mae or Freddie Mac to have a loan go through "automated underwriting", and the loan approval is tied to that particular credit report. If a lender does pull their own, it's either because it's older (30 days +) or there is a fraud alert. If you've already given them taxes, paystubs, gotten your appraisal, etc., and all they need is your insurance co., then you're all set. Congratulations!

[DallasLoanGuy]

seriously doubt that this would hurt you.

they will not repull credit.