Fannie Mae has brought a series of innovations to bring more certainty and better understanding to lenders, employ stronger data capabilities, and help people have access to sustainable mortgage credit.
Fannie Mae announced that it plans to reduce lenders’ costs and improve the company’s technology platform. They will continue to build new tools and improve existing offerings to serve the needs of lenders and help construct a more sustainable housing finance system.
- Trended Credit Data – In mid-2016, they will require lenders to use trended credit data when underwriting single-family borrowers through Desktop Underwriter®. It will allow for a more thorough analysis of the borrower’s credit history.
- Data Validation Available – This will help lenders originate loans with greater simplicity and certainty—something that will truly help lenders determine the best action to take. Instead of requiring a borrower to provide copies of pay stubs or other forms to verify income, lenders will be able to validate income through Desktop Underwriter®.
- Nontraditional Credit History – Fannie Mae currently requires lenders to manually underwrite loans made to borrowers. With more simplicity made available to the lenders, more borrowers will have access to more affordable, sustainable mortgage credit.
Fannie Mae President and Chief Executive Officer Timothy J. Mayopoulos said, “Our aim is to help lenders serve their customers efficiently so that more qualified borrowers have access to mortgage credit . . . Our goal is to make sustainable homeownership a reality in communities across the country while reducing risks for taxpayers.”
Having easy access to loans is what Fannie Mae is attempting to grant easier access to loans, helping get the most loans out to the qualified borrowers that need them. If you’d like more information about how you can get the right mortgage, contact Andraya Coulter for all of your home loan needs in Walnut Creek and all of California and Texas.