Fannie Mae to Stop Requiring Pay Stubs for Mortgage Approval

SOURCE: Mortgage News Feed

Fannie Mae is trying to make the mortgage application process a bit easier for consumers (and financial institutions). The mortgage giant announced earlier this week that it will permit lenders to use verified employment and income information and trended credit card data supplied by the credit bureau Equifax in its underwriting processes beginning mid-2016.
That means that prospective homebuyers may no longer have to submit pay stubs when they apply for a home loan — a longstanding requirement of mortgage lenders. It also means consumers previously shut out of the housing market due to thin or so-so credit files may be able to get approved for a mortgage. Read Full Article Here >>

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