New York Times Reports: Banks Requiring More Extensive Verification of Income

Verifying Borrowers’ Finances

MORTGAGE brokers and lenders will often caution borrowers against charging up their credit cards or changing jobs before the closing date on a home loan. Now that advice seems especially prudent.
On June 1, Fannie Mae, the government-sponsored company that establishes the underwriting standards for most of the nation’s mortgages, started requiring lenders to recheck a borrower’s finances shortly before closing the loan. If a broker or lender finds significant changes, the loan could be delayed, or in some cases, denied. Click Here for full article