mortgage: Reasons Why We Need So Much Documentation From You
- 12/29/11 10:52 PM
Reasons Why We Need So Much Documentation From You As you prepare for a mortgage application, I want to educate you on why we ask for, what may seem like, an excessive amount of documentation during your mortgage process. Due to lax underwriting from 2004 to 2008, Fannie Mae and Freddie Mac decided that they weren’t being strict enough on mortgage bankers and upgraded their standards in an attempt to prevent default mortgages, which began in 2008. In order to sell any loans to Fannie Mae or Freddie Mac, lenders have to make sure we meet their requirements. This has led us … (29 comments)
Reasons Why We Need So Much Documentation From You As you prepare for a mortgage application, I want to educate you on why we ask for, what may seem like, an excessive amount of documentation during your mortgage process.
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