The Real Deal Miami

New policy won’t affect borrowing: Fannie

June 21, 2010 03:15PM

On June 1, government-sponsored Fannie Mae started requiring lenders to recheck a

borrower’s finances shortly before closing the loan, the New York
Times reported. If a broker or lender finds significant changes, the
loan could be delayed or denied. The new policy reflects the
organization’s focus on “sustainability,” Janis Smith, a spokesperson
for Fannie Mae, told the Times. Industry executives say the change in policy

should not have a drastic effect on borrowing, unless the borrower is
prone to running up huge credit card bills. [NYT]