report pull before closing

[dloza]

So I am currently in underwriting and althoug I have been pre-approved by two lenders I am really nervous about getting excited about the loan until I actually get approved. I had hired Lexington Law to help me repair my credit since I am literally too lazy to do it myself. They got 2 items removed which got my score to a good enough score to get the pre-approval. Now the lender has pulled my report again for the loan and when they did Lexington Law had nothing currently challenged, now they just recently challenged two remaining negative accounts on my report and that has been added to my report. My LO just informed me that my report might be pulled one more time before closing. My question is can the fact that maybe now they'll be two challenges on my report effect my loan if I already have been approved for it?

[Anonymous]

I think it would depend on the lender, I'd call and ask. I disputed a cc balance on my spouse's report because it hadn't been updated in months. We were preapproved with the dispute and I asked the lender yesterday if the dispute would be a problem in UW and she said no, as long as it passes AU on the computer(for the preapproval), then they do not pull again for 90 days.

[Booner72]

I am nearly sure that a newly disputed account will raise red flags, and the consensus here on whether they repull again is mixed.  I personally believe that all credit reports are pulled prior to funding the loan - I think people don't notice because my LO told me that they "refreshed' reports, which doesn't produce the inquiry.  They are also told "OH we won't pull again" - but they do pull again, and people have not gotten the loan at the last minute.  It's very stressful.

I would get ahold of LL and tell them to get the dispute off and to leave your reports alone.  Hopefully they didn't do any further damage that could blow your loan closing. 

Good Luck!

[Catacam]

From my understanding, most will do a soft pull to ensure that you haven't gotten any loans to pay for your down or any closing costs.  It may raise a flag, so I would have a LOE ready to send!

[dac1]

We just closed on Monday and the lender pulled a complete credit report the Saturday right before closing.  The loan funded on Monday.  Both on Tuesday and Wednesday, the lender called my place of employment to verify that I was still employed.

[boomhower]

Most will do a second pull before closing and most will be nervous about new disputes.  Generally you don't want to do anything to your during the mortgage process.

[Anonymous]

I am doing a USDA Direct in NY state. My closing is scheduled for Monday.

I just checked with my underwriter. No second pull of any kind.

[Anonymous]

Underwriting never pulled a last minute credit check on my loan.  I think it just depends on the underwriting company and also on how old the credit report is that was sent to them.  My lender stated that if the report is under 30-20 days old they may not pull a second one.