topic Credit check after clear to close? in Mortgage Loans

Credit check after clear to close?

Anonymous — Wed, 06 Apr 2016 13:57:20 GMT

I just got an alert from myfico that said I had a new inquiry on my EQ. Since I haven't applied for anything I found that very odd. Turns out that Comcast ran a hard credit check after I put in for a transfer of my service to my new home. I had absolutely NO idea that they would do that since I was an existing customer. Needless to say I am pissed. I received my clear to close and closing disclosures already and am scheduled to close Monday but do I need to tell my LO about this? Will it cause a problem with my closing?

Re: Credit check after clear to close?

Anonymous — Wed, 06 Apr 2016 14:01:14 GMT

It shouldn't be a problem at all. They will do their final credit check just before they clear to close your loan so it's already been done. I wouldn't worry about it.

Re: Credit check after clear to close?

Anonymous — Wed, 06 Apr 2016 14:03:42 GMT

@Anonymous wrote:
It shouldn't be a problem at all. They will do their final credit check just before they clear to close your loan so it's already been done. I wouldn't worry about it.

Thank you for your quick response. I was ready to have a few choice words with Comcast and just find a strong antenna for my TVs LOL.

Re: Credit check after clear to close?

Anonymous — Wed, 06 Apr 2016 14:04:52 GMT

Haha. No problem at all. Congrats on closing soon.

Re: Credit check after clear to close?

BrianB_The_Loan_Professor — Wed, 06 Apr 2016 18:54:03 GMT

A final pull is done to assure you have not gone out and added credit debt

If it is just comcast worst case should be a simple letter explaining what happened(If that)

Hope this helps

BrianBTheLoanProfessor

Re: Credit check after clear to close?

Anonymous — Wed, 06 Apr 2016 18:21:39 GMT

Yes I would just get the letter drafted in case...just happened to us. They just want to make sure the DTI doesnt change then it would have to go back to underwriting (dreaded words) I know

Re: Credit check after clear to close?

DallasLoanGuy — Wed, 06 Apr 2016 18:24:38 GMT

no worries

Re: Credit check after clear to close?

Anonymous — Wed, 06 Apr 2016 20:23:48 GMT

Thanks for your responses everyone! Much appreciated!

Re: Credit check after clear to close?

_NERD — Fri, 08 Apr 2016 02:53:30 GMT

Ahh, so if you PIF for scoring purposes right before mtg app & then have new revolving debt report to the CRAs before they SP at closing, that could send it back to UW?

Re: Credit check after clear to close?

Anonymous — Fri, 08 Apr 2016 03:19:26 GMT

Yes

Re: Credit check after clear to close?

_NERD — Fri, 08 Apr 2016 03:22:34 GMT

I wish I hadn't sold my currency printer on Craigslist. J/K