Question about NFCU Mortgage and Closing

[dragonheartt]

I have read several posts and most of them tend to go the same direction. Does NFCU just pull your credit once when you apply? Do they pull again before closing? Most of what I have read seems to indicate they only pull when you apply. I was just wanting some feed back from someone that has closed with them and what happened? Thanks in advance

[BeingMaryJane]

Yes they only pull once. They cannot pull again before 90 days is up and if you close within that time frame you will only have one pull.

[Lemmus]

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@BeingMaryJane wrote:

Yes they only pull once. They cannot pull again before 90 days is up and if you close within that time frame you will only have one pull.

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...I am not an NFCU client ...that said, I know of nothing that would prevent them from pulling your credit anytime they feel the need to during the mortgage application process ...could you provide a source for the referenced 90 day limitation? ...its the first time I've seen such a limit addressed but it could be a CU specific thing ...just like to see it documented somewhere.

...in addition, if the type of loan is govt guaranteed, they must be able to show that your credit meets the guarantee's minimum requirements ...afaik, a 90 day old CR will not satisfy that

...as to whether NFCU actually pulls your report a 2nd time, you may well not be aware of it if they use a soft pull ...which as an existing customer, they can do ...and if its done by uw, your LO may not even be aware of it ...ymmv ...hth

[IOBA]

I went to Navy first, when I started this process.  The employee told me that it would be pulled with the initial application and again a day or so before closing.

The employee also said that the loan process can take as little as 30 days or as long as 45 days.

BUT that was just one person providing information and she was not the loan officer handling the account.  Her information could have been wrong.  

My suggestion is to call and ask to speak directly to a loan officer.  My experience with Navy for other credit based products is that they pull once and use that credit report for 60-90 days.

[Legal_Girl]

I did a VA loan through NFCU last July.  My debt to income ratio was less than 20% and I had a decent amount of money in savings and checking.  Mine was only pulled once.  I was told mine would not be pulled again because of my debt to income ratio being so low, etc.... So, mine was only once, but, I have read where others have been pulled more than once and that was because of a 'red flag' situation.  Hope it goes well.  NFCU was awesome.

[BeingMaryJane]

I know because my LO and her supervisor have reiterated it to me about 9x during this process and have confirmed it via email. I want them to do an updated report since we still haven't found a house and my score has improved dramatically. We have to wait until next week for them to be able to pull again.

All of your points are valid. But I am 100% sure NFCU will not pull another report. If they could've .. I'm sure they would've just go get me off their backs lol.

[frugalQ]

As with most lenders, if your scores and details within your report are on point, they do not pull another report for credit score purposes if you close before the report validity deadline (some lenders have a 60 day period and some have 120 day period).

However, almost all lenders will do another soft pull (just to look for material report changes) right before closing. They don't generally look at scores if there's no material change to the report. A soft pull will not show up as a hard inquiry that impacts your score.

If your LO said they only pull once, you may want to ask them specifically about a soft pull just to be clear.