The release of Desktop Underwriter® Version 10.1 means more convenience for borrowers applying for conventional loans, cutting back on appraisals, project reviews, and self-employment income requirements. Not only that, Fannie Mae allows for shortened or truncated asset account numbers to further Read more
Updated DU® Simplifies Reserve Calculation and More on Multiple Financed Properties
Enterprising individuals into buying and selling homes can take advantage of Fannie Mae’s multiple financed properties program. But not all lenders offer this option due to the challenge of underwriting a borrower with existing mortgaged properties of up to 10. There’s also the complex calculation Read more
Starting a New Job? You Can Use Your Employment Offer to Qualify for a Mortgage
Fannie Mae is making it easier for borrowers changing jobs to qualify for a home loan and document their income through an update in its employment offer policy.Stability of income is an important aspect of any mortgage underwriting. This leads to the common belief, a fair warning to all, that Read more
More Appraisal-Free Mortgages as Fannie Mae Expands Property Inspection Waiver
More homeowners and homebuyers can hope for appraisal-free transactions as Fannie Mae’s property inspection waiver is in full swing. Approvals on conventional loans with no appraisal are expected to climb, reducing the costs and time it takes to get a mortgage.An appraisal is a staple in any Read more
