Flush with new cash to buy up Mortgage Backed Securities, Fannie Mae has released new guidelines when it comes to credit score, LTV and prior foreclosure standards for borrowers. While my presumptive thought was that they would tighten the screws across the board, Fannie is actually expanding approval criteria in certain instances.
As stated, this is [...]
Fannie Mae, Freddie Mac agree to new appraisal standards
From the Baltimore Business Journal…
Under the new code, mortgage brokers will be prohibited from selecting appraisers, and lenders will be prohibited from using in-house staff to conduct initial appraisals, among other things.
Lenders will also be prohibited from using appraisal management companies that they own or control.
Too early [...]