In May our big Brother or "Sister", the largest purchaser of home loans, announced a new requirement prior to the funding of a Mortgage. Posted on Mortgage News Daily, May 10th. Fannie Mae introduced a quality control measure which is for the purpose of the safekeeping of the investors against the future home buyer assuming more debt than they can manage and as a preventative measure to prevent possible future defaults.
This quality control measure makes the lender re-verify the borrower's credit history by obtaining a new in-file credit report for loans which are to be underwritten manually and through the underwriting process.
Note: The credit report must be a source other than the original credit reporting agency.
When a lender has this information it allows them to find out if you've tried to take another loan out on the same property, which isn't favorable by any means.
Simple, If you are in the housing market it is very necessary not to apply for additional consumer credit without consulting with your mortgage professional first.