Re: Big change for Fannie Mae June 1st, verificati
on of liabilitie s just prior to funding
06-16-2010 10:39 AM
Since this announcement was made we've seen various responses from lenders. Some are just simply requiring an "Undisclosed Debt Acknowledgment" to be signed at closing, some are re-pulling a single bureau prior to closing and factoring in any new debts, and some are re-pulling all and factoring in the new revised payments into the debt ratio. Most have not made a big deal about this yet, but it is still something that each borrower should ask their loan officer on how it'll be handled on their own transaction. This only applies to Fannie Mae conforming loans, we have not seen this being implemented on FHA, VA, USDA or Freddie Mac conforming loans.
"Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad."