Benjamin Franklin once said, "Time is money." And that great truth is especially important to remember these days as changes continue to unfold in today's housing market. In an effort to protect consumers, the government continues to create new guidelines surrounding the home loan process. Fannie Mae recently made changes in Announcement 09-19 regarding Miscellaneous Underwriting, Eligibility, and Property Related Updates. These changes are in effect on loan applications dated September 1, 2009 and later.

While consumer protection is definitely important, these guidelines have made the mortgage process tougher. It's crucial that you prepare your clients for these tougher requirements and explain to them how important it is for them to provide good, timely documentation.

To learn more about these changes, visit https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0919.pdf.