Fannie Mae Changes Income Reporting Policies For Some Loans

Law360, New York (September 17, 2012, 3:25 PM EDT) -- Fannie Mae changed income reporting policies for one of its mortgage refinancing programs late Friday, announcing that it would allow borrowers of Refi Plus loans with payment changes of less than 20 percent to waive verification of a documented source of income.

In lieu of the income source, such borrowers will be allowed to verify liquid financial reserves in bank accounts, money markets, stock accounts, retirement accounts or certificates of deposit equal to at least 12 months of the new mortgage payment.

Fannie Mae also said...
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