Announcement 19-0082: Soft Pull Credit Report Requirements

Overview

As a reminder, Carrington Mortgage Services, LLC (CMS) requires a soft pull credit report (also known as a credit refresh or LQI report) as follows:

  • For all conventional transactions, within 14 days of the note date
  • For all Carrington Flexible Advantage and Carrington Flexible Advantage Plus transactions, within 10 days of the note date

The soft pull credit report should be obtained from the same vendor as the original credit report. The Seller is responsible for obtaining the soft pull credit report and delivering it to CMS prior to receiving a Clear to Close. If the note is not signed prior to the expiration of the soft pull credit report, then a new soft pull must be delivered prior to loan purchase.

Content of the Soft Pull Credit Report

The soft pull credit report may not contain FICO scores, even if the FICO scores increase. The Underwriter is responsible for ensuring the soft pull does not contain FICO scores; if the Seller is unable to provide a soft pull credit report without FICO scores, then a full new credit report must be provided to CMS for re-underwriting within the same timeframes as the soft pull credit report expiration.

The soft pull credit report provides an updated record of the original credit report used to underwrite the loan, and helps identify any changes to the borrower’s credit standing. The Underwriter must review the results of the soft pull credit report and compare all debts, new inquiries, alerts, and borrower data to the original credit report for any changes that could potentially impact the loan approval.

Please note: Soft pull credit reports are not required for Carrington Investor Advantage or government (FHA, VA) transactions.

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.