In May Fannie Mae, the largest purchaser of home loans, announced a new requirement prior to the funding of a Mortgage. This was published on Mortgage News Daily on May 10th. The new quality control measure was set in place for the safekeeping of the investors against the prospective buyer assuming more debt that they can manage and as a preventative measure to prevent future mortgage defaults.
Now more than ever it is extremely important for all that apply for a home loan not to apply for additional consumer credit without consulting with you mortgage professional first.
On another completely separate report, and I believe this more speculative but who really knows these day, on a news report from ABC news on Tuesday June 1st , it was reported that now lenders are even researching the character of the applicants on Facebook, the social media giant, to asses the traits and details of the character of individuals. If you have not seen the Youtube clip “what happens in Las Vegas stays in Facebook” I strongly recommend you follow the link.
One can’t stop to wonder what is next? Perhaps a DNA samples to asses the health and to project the life left of the borrowers…..
