Managing Money :: Second credit report not required for mortgages

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Released: August 16, 2010

Second credit report not required for mortgages

Source: Associated Press [USA Today]

Mortgage giant Fannie Mae said Friday that lenders who sell mortgages to the company are not required to run a second credit report before a borrower closes a home loan application.

The government-controlled company earlier this year suggested lenders could use a second credit report to verify that a borrower did not make any large purchases in the period between applying for a loan and closing the purchase.

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