Fannie Tightens Some Mortgage Standards
Fannie Mae is changing some qualification standards for people buying homes or refinancing loans based on new data and loan performance, the company said in a memo to lenders this week.
The changes include a reduction from 97 percent to 90 percent in the maximum loan-to-value ratios for some adjustable-rate mortgages; an increase from 620 to 640 in minimum credit scores for adjustable-rate mortgages not vetted by Desktop Underwriter computer software; and an end to the FannieNeighbors option that offered underwriting flexibility for borrowers in underserved areas
---ABA Daily Newsbytes
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