In May, had a customer apply to get pre-approved or pre-qualified for a home purchase. At the time he provided all of his financial information (W-2s, paystubs, personal financial statement, etc.), we pulled credit and approved him to shop for a qualifying property up to a certain limit.
Today, I received a signed and accepted purchase contract that lists both he and his wife as the buyers and their intent is for them both to be on the loan. I'm confused on how to handle this situation:
- Do I need a brand new joint application for both of them with new financial information?
- If so, do I pull a new joint credit report or just an individual on her?
- What do I do with the old application/credit report if thats the case?
- Do I just collect her information, either on a new app or adding to the old app and then pull an individual credit report on her?
I'm just not sure what issues I need to be looking out for in this situation. He is very well qualified and a commercial borrower of ours, so credit is good and her income isnt needed to qualify their payments.
Thanks in advance for any direction!!