January 20th, 2019
Due to the ongoing government shutdown, Fannie Mae and Freddie Mac, together with the FHFA, have released new lending requirements in order to adjust for the amount of borrowers impacted by the shutdown. The first set of guideline changes consist of new minimum reserve requirements, Verification of Employment leniency, along with temporary policies concerning both IRS transcripts and Social Security Number validation. If the shutdown persists, it is likely we will be seeing more and more of these temporary guideline changes, which could have long-term affects for the US housing industry. Keep your eye out for any new guideline changes through the remainder of this shutdown, and educate your borrowers during this time on how the shutdown could potentially impact their financing process.
You can read the full Fannie Mae Lender letter here.