Fannie Mae Update

By
Services for Real Estate Pros with Scanlon Signing Services
Fannie Update for Credit Report Pull  

lisa by car  On August 13th Fannie Mae issued its selling guide which clarifies that lenders are not required to obtain a 2nd credit report just before loan closing. This update only reminds lenders that Fannie Mae expects them to have the processes in place. Lenders will only be required to re-underwrite a loan after the initial underwriting decision has been made if the borrower discloses or the lender discovers changes that cause the debt to income ratio to exceed 45% or to increase by 3 percentage points or more.   

 http://www.fanniemae.com  

 

Sincerely,

Lisa Scanlon, CSA

941-447-7130

www.scanlonsigningservices@yahoo.com

Comments (3)

Adam R. Cohn
STANDARD MORTGAGE CO. - Delray Beach, FL
We actually get mortgages closed FAST!

That is good to know, thanks for taking the time to share with us!

Sep 01, 2010 04:05 AM
Anonymous
Lisa Scanlon

Your welcome Adam. Thanks for the comment.

Sep 02, 2010 12:43 AM
#2
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Thanks for the information. There's always new changes affecting the real estate industry.

Jun 04, 2012 12:40 PM