foreclosure: Fannie Mae's "Loan Quality Initiative"
- 06/17/10 06:19 AM
While it has always been good practice for loan offers to tell buyers not to make any large purchases unitl after settlement, this new Fannie Mae initiative should make this topic more of a priority. The Loan Quality Initiative from Fannie Mae is its response to the foreclosure problem. "This program shifts the onus of mortgage guideline compliance away from the government backed group and to the individual banks responsible for making the loans" says Dan Green, mortgage broker in his blog. I think the bottom line is that lenders and Realtors need to remind our clients unitl they have actually settled, they … (1 comments)
While it has always been good practice for loan offers to tell buyers not to make any large purchases unitl after settlement, this new Fannie Mae initiative should make this topic more of a priority.
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