fannie mae: New Fannie Mae Regulations
- 05/27/10 05:26 PM
If you're a client of mine, you've heard me say this more than once: "No big purchases before closing!" New Fannie Mae regulations give me new reason to repeat this over and over until you don't even want to look at your credit card! Fannie Mae's new Loan Quality Initiative (LQI) mandates become effective on June 1st. So if my no-spending-speech isn't enough, these new mandates will curb borrower's spending prior to closing (or they will risk losing their financing). The new regulations are an effort by Fannie Mae to tighten up on underwriters and cut down on fraud from borrowers. … (5 comments)
Resources, market reports, news and other valuable information for Metrowest home buyers and sellers in Newton, Waltham, Lexington, Arlington, Cambridge Needham, Framingham, Ashland, Hopkinton, Watertown, Arlington, Billerica, Woburn, Natick, and Burlington.
If you're a client of mine, you've heard me say this more than once: "No big purchases before closing!" New Fannie Mae regulations give me new reason to repeat this over and over until you don't even want to look at your credit card!
;)
;)
