Fannie Mae to Adjust Mortgage Modification Qualifications
Mortgage News > Fannie Mae to Adjust Mortgage Modification Qualifications
Fannie Mae announced adjustments that will be made to their mortgage modification qualifications. Currently borrowers collecting unemployment are able to count the amount collected toward their income when applying for a mortgage modification.
After November 1, 2010 Fannie Mae will no longer allow borrowers to claim unemployment as income on their modification applications.
The goal in changing Fannie Mae’s requirements for loan modifications, according to Reuters, is to ultimately lower the “number of borrowers that re-default after receiving a modification.”