General World News

Fannie Mae changes underwriting to help ‘credit invisible’ borrowers

Fannie Mae announced on Tuesday that it will make changes to its automated underwriting system in order to expand mortgage loan eligibility and simplify the loan process for underserved borrowers without credit scores.

The enhancements are slated to roll out in mid-December and will include an update to borrower eligibility criteria to align with Fannie Mae’s standard selling guide requirements for loans in which the borrower has no credit score, according to a press release from the government sponsored enterprise.

In addition, the selling guide policy requirement will be automated to document nontraditional sources of credit and details ⇒

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