| Fannie Update for Credit Report Pull |
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Sincerely, Lisa Scanlon, CSA 941-447-7130 |
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.
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STANDARD MORTGAGE CO. - Delray Beach, FL
We actually get mortgages closed FAST!
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
Rainmaker
17,091
17,091
Lisa Scanlon
Certified Signing Agent
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