STRICTER STANDARDS AHEAD: Fannie Mae & Freddie Mac 2023 Guideline Updates

Mortgage giants Fannie Mae & Freddie Mac are tightening up their conventional loan pricing and borrower qualification guidelines. Starting May 1st, some borrowers may have to meet slightly stricter standards in order to qualify for a conventional conforming home loan.

Tune in for an overview of these updates, and how these changes will affect current and future homebuyers!

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Morgan Financial
Residential Mortgage Lender
Equal Housing Lender
NMLS ID: 318525
[phone]
1441 N. Harbor City Blvd. Melbourne, FL 32935

[RockyMtnAspen]

We have definitely noticed these stricter standards. We just closed on a borrower purchase transaction that we've had to restructure several times to figure out the right combination of factors. I appreciate you explaining the acronyms as I can use this for new processor without explaining everything.

[alexfailaev]

Thank you for this content. I was wondering if you can expand on the new loan seasoning of 12 Mon vs 6 months

[gisforfun]

I’m thinking that the tighter loan qualification/credit standards and increased fees to be charged to borrowers are to offset the increase in collateral risk resulting from FNMA’s move to less reliable, alternative property valuation methods (even though FNMA is attempting to claim the opposite): see “Valuation modernization” section in the recently released FNMA Selling Guide Announcement (SEL-2023-02), released March 1, 2023.

[BR]

Way too much nonessential talking. Get to the point in a more efficient way it becomes annoying. Just tell us what the changes are without giving us to history of the industry. You could’ve cut this video in half.