Thursday, November 12, 2009

Link to the Fannie Mae Underwriting Guidelines

Everyone knows there are guidelines for determining whether someone gets approved for a loan, but have you ever actually seen the underwriting guidelines?

Here's a link to the Fannie Mae underwriting guidelines:

http://www.allregs.com/tpl/public/fnma_freesiteconv_tll.aspx

When the Fannie Mae Single Family page opens, click on "2009 Selling Guide", then on "Part B, Origination Through Closing", and then on "Subpart B3, Underwriting Borrowers". From there, you can get to all the guidelines for income, assets, credit, etc.

Every time a lender says a borrower is pre-approved for a mortgage, they are supposed to have checked all of these guidelines. In addition to these, a mortgage broker needs to check the guidelines for the individual lender they intend to use, and then, if the loan will have mortgage insurance, they need to check the mortgage insurance underwriting guidelines.

Ever have a deal fall apart? Your lender didn't read the guidelines!

No comments: