FNMA and USDA Update
Fannie Mae DU Validation
On September 18th Fannie Mae reinstated the DU validation services obtained through approved third-party vendors for verifications of employment. As a reminder, vendor reports used to validate income (base, bonus, overtime, commission) and assets will follow standard age of documentation requirements (may not be more than 4 months old on the closing date).
USDA Credit Guidelines
The Rural Housing Single Family Guaranteed Loan Program reminds lenders about updates made to Chapter 11 of the 3555-1 Handbook…..