Sometime within the last 5 days before your home closes your lender will get an update on you. This is sometimes referred to as the “5 day docs” condition. The lender wants to check your employment to make sure it has not changed. They also re-pull your credit. This lets the lender know if you have any new credit inquiries or anything negative added to your credit. Lastly, the lender will re-pull from Lexis Nexis. This report gives them information from several resources like credit bureaus, DMV, and county records. They are making sure there are no new addresses that appear associated with your name. Your home purchase may have been approved by your lender, but if anything shows up on these updates then the lender might add a condition for your purchase to close. It’s important that you do not have any surprises pop up before closing.
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