Fannie Mae changed guidelines — did your loan software?

[Fannie Mae logo]

This week, Fannie Mae announced that it’s tightening some of its qualification standards for home buyers and those refinancing their homes. And self-employed borrowers will be required to supply more tax returns.  And — well you get the picture. There were several changes to its guidelines. And changes to its guidance means changes to its software too.

What do you do when changes occur that affect the loans you originate? Is you loan software vendor up to date on those changes? Better yet, can they make changes to the software easily and quickly? If it’s not web-based, then the answer is probably “no.”

With Web-based software like OpenClose, you can be sure that your software is always up to date with the changing times.  And no need for our customers to update the investor guidelines, as we do it for them. Since we employ ex-mortgage bankers and brokers, you can take solace in that we know exactly what those changes mean and how they impact you.