Fannie Update for Credit Report Pull
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
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