Pulling credit during UW Question….LO’S..Dallas…Shane

[RABQUE]

Do the UW’s always pull the credit report again during UW? I have heard conflicting stories…I have heard that the credit report is good for 90 days from the date of the original pull….But I have also heard that the UW’s always pull the report one final time during the UW process…Is there a “standard” process when it comes to pulling the credit?

[DallasLoanGuy]

depends on lender.

my company will use my initial report. lots of others are th same.

many companies will pull again.

[Anonymous]

it also depends upon the file. Say DTI is really tight or the UW is on the fence on approving or not,  they may re-pull to make sure they are basing the decision on the most curent info that they can get.  There is no answer even within any one lender.  It is the UW's discretion.  If the file is clean and all the info is together there is not a need to, but that does not mean they will not.  Also, do not trust an LO telling you that they will not pull again (no offense to LO's, but in most cases the UW makes that call).  I have seen LO's tell someone it is OK to go make a purchase because they will not re-pull credit, and then get denied either due to a score drop/inquiry, or due to new debt. 

[RABQUE]

 

Thanks for the response…..It is pretty much what I figured…….