New Fannie Mae Credit Checks Impact Cincinnati Real Estate Sales

Effective June 1, 2010 Fannie Mae is mandating a number of additional qualifications for each mortgage application. These additional mandates are intended to ensure that the information collected from buyers when they apply for a mortgage are the same as when they go to close. Fannie Mae is requiring lenders to re-verify a number of pieces of buyer data including their credit scores, employment, and making sure the borrowers are not on the ‘un-approved’ list maintained by the General Services Administration.

As a Cincinnati real estate agent I have a responsibility to guide buyers through the application process, ensuring that they provide accurate information on all of the documents. Because the lenders are re-checking the information if any of it changes it could cause the loan to go through another round of underwriting. To protect my buyers I am advising them to work very closely with their lenders to keep their information current.

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