They issued an updated Selling Guide Announcement (SEL-2010-11) which says lenders are not required to pull a second credit report right before the loan closing. Fannie Mae has, instead, encouraged lenders to have processes in place for borrowers to disclose any changes in their financial situations throughout the loan origination time period. That means more quality control when processing the loan by the lender. The buyer will have to submit additional forms if any changes happens during the loan processing and may have to go through either Desktop underwriting or Manual underwriting depending on the percentage of changes in the income or debt.
On the other side Fannie Mae expanded the debt-to-income ratio
tolerance in the hopes of fewer loans needing to be re-underwritten.
This debt-to-income ratio now cannot exceed 45 percent or increase by
three or more percentage points during the origination process.
Contact your lender about more specific details on your loan.
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