Data Facts keeps you in compliance with Fannie Mae's Loan Quality Initiative with our Inquiry Verifications. Data Facts' inquiry verification supplements all inquiries on the original credit report to see whether or not they turned into a loan. A verification of any new debt can be provided so the borrower can be qualified with the monthly payment. This is a very easy to use product, similar to ordering a supplement.
Fannie Mae's Loan Quality Iinitiative states:
Lenders delivering mortgage loans to Fannie Mae should ensure that mortgage loan underwriting standards recognize a variety of factors when evaluating a borrowers ability to repay a loan, including (but not limited to) an assessment of the borrowers debts and all liabilities that may affect the borrowers ability to fulfill the mortgage payment obligation.
The Selling Guide also directs the lender to review and evaluate the "inquiries" section of the borrowers credit report to determine if the borrower has received additional credit that is not reflected in the credit report or disclosed on the loan application. If additional credit was obtained, a verification of that debt must be provided and the borrower must be qualified with the monthly payment.
Fannie Mae is updating the Selling Guide to require lenders to determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject mortgage loan. If Fannie Mae determines that any debts were not adequetly disclosed on the application nor included in the debt-to-income ratio such that the loan would not have met Fannie Mae eligibility requirements, the mortgage loan will be subject to repurchase by the lender....less
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