What is Happening in the Mortgage Market

Tougher Lending Environment Ahead

Benjamin Franklin once said, "Time is money." And that great truth is especially important to remember these days as changes continue to unfold in today's housing market. In an effort to protect consumers, the government continues to create new guidelines surrounding the home loan process. Fannie Mae recently made changes in Announcement 09-19 regarding Miscellaneous Underwriting, Eligibility, and Property Related Updates. These changes are in effect on loan applications dated September 1, 2009 and later.

While consumer protection is definitely important, these guidelines have made the mortgage process tougher. It's crucial as a Realtor that you prepare your clients for these tougher requirements and explain to them how important it is for them to provide good, timely documentation. Let your clients know that you always stay informed and up-to-date on the latest regulatory changes. Reassure them that you have systems in place to help them achieve their short and long-term goals with ease.

Envoy is in complete control of the loan process and has many advantages others do not.

To learn more about these changes, visit https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0919.pdf.

Sincerely,

Richard Woodward
Envoy Mortgage
972-661-5136
Rwoodward@Envoymtg.com