Oct
24
Fannie Mae to Give Lenders Relief on Some Mortgage Penalties
By-
Changes are meant to allay concerns about repurchase demands
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Lenders would get protection if appraisals get passing grade
Lenders will get a reprieve from the threat of some mortgage-related penalties under a new program announced by housing-finance giant Fannie Mae on Monday.
The program will shield lenders against penalties stemming from faulty appraisals as long as those evaluations pass muster under an automated tool designed by Fannie Mae to root out mistakes. Fannie Mae also said it will let lenders verify borrowers’ income and assets electronically in some cases…
Fannie Mae to Give Lenders Relief on Some Mortgage Penalties
