|
| |
fannie mae: New Fannie Mae Rules Will Kill Your Real Estate Deals if You Ignore Them! - 06/03/10 12:01 PM
For all conventional loan applications dated on or after June 1, 2010, Fannie Mae has instituted some new rules as part of their Loan Quality Initiative. They are not fooling around this time. Their goal is clear: to reduce loan fraud and the number of foreclosures. There are many new changes, but here is the main thing that WILL cause a deal to STOP!
Lenders must ensure that borrowers have not taken on any additional debt between the date of loan application and the date of closing. If a lender does not follow the new rules, Fannie Mae will refuse to … (1 comments)
|
fannie mae: Yikes! Fannie Mae is Cracking Down! - 03/04/10 05:33 PM
There are some new rules going into effect shortly that will have an enormous effect on some mortgage transactions. Here's the biggest one:Effective for all loan applications dated June 1, 2010 and later, Fannie Mae is "requiring lenders to determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject mortgage loan."Here's what it means. If a borrower opens a new account or increases the balance on an existing account between the time of application and … (81 comments)
|
fannie mae: Link to Fannie Mae Underwriting Guidelines - 11/23/09 01:48 PM
Everyone knows there are guidelines for determining whether someone gets approved for a loan, but have you ever actually seen the underwriting guidelines?
Here's a link to the Fannie Mae underwriting guidelines:
http://www.allregs.com/tpl/public/fnma_freesiteconv_tll.aspx
When the Fannie Mae Single Family page opens, click on "2009 Selling Guide", then on "Part B, Origination Through Closing", and then on "Subpart B3, Underwriting Borrowers". From there, you can get to all the guidelines for income, assets, credit, etc.
Every time a lender says a borrower is pre-approved for a mortgage, they are supposed to have checked all of these guidelines. In addition to these, a … (4 comments)
|
|
|
|
|
|
Chris Thomas
Denver,
CO
More about me…
The Mortgage Experts at America's Mortgage
Office Phone: (303) 345-3683
Email Me
Widely recognized as the leading source of accurate mortgage and credit information in the Metro-Denver area, and the people to call when you need a great mortgage.
 Listings
Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)
;)