Regarding the pulling of credit after the loan has closed: I believe it is too late, the credit decision has already been made. What is the valid business purpose at this point? If the loan becomes delinquent, is being renewed or modified, yes a new credit report may be obtained. https://www.consumerfinance.gov/doc...credit-reporting-act-fcra_procedures.pdf
Permissible Purposes of Consumer Reports – Section 604; 15 U.S.C. 1681b Investigative Consumer Reports – Section 606; 15 U.S.C. 1681d
Regarding your LO pulling CBR at customer request in order to get interest rate reduced, not something we would condone, but it probably depends on your institutions policy regarding such matters.