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June
24

[caption id="attachment_992" align="alignleft" width="272" caption="New rules for Loans"][/caption]

Fannie Mae has recently instituted a LQI program that most everyone is adopting (it won't be long before it is a mandatory standard).

In addition to the Verbal Verification of Employment that lenders have to complete within a few days before closing (to ensure the customer is still currently employed), we also have to pull a credit update verifying that no new debt obligations have been made.  While we are not pulling a new score,  if the borrower has gone out & bought furniture, a pool, etc before closing, we have to take that new obligation into consideration and it could affect our closing.

Lenders will be counseling the borrowers about not making changes to their credit (or income / employment) after application. It is important for us Realtors to be in the know so that our customers will not make these costly m...

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