New Fannie Mae Loan Quality Procedures To Be Aware Of

I recently received the following doc from William Raveis Mortgage Company* regarding the new guidelines that went into effect on 6/1/20.

As you’ll see there are some new procedures that will be required for all FNMA loans. They are all in the interest of insuring the credit worthiness of a borrower. These are being adopted by Secondary Market Investors.

This does not necessarily mean that it will be harder to get through the mortgage process. It does mean that you should be very vigilant in discussing ALL aspects of getting your loan with your lender. Being prepared lessens the chances of last-minute surprises.

*William Raveis Mortgage is an affiliated company owned by the brokerage I work for.