FNMA changes "Large Deposit" rule that has been driving us all insane... (loan, loan)

[Pfhtex]

FNMA now defines a Large Deposit as any single deposit that is equal to or greater than 50% of the Monthly Qualifying Income.

This is huge.

Now ONLY deposits of this size must be "sourced" with the deposited check, Letter, bank statement from which it came.

This is an IMMEDIATE change, meaning if your loan is in process, you should not have to explain deposits smaller than half of your qualifying monthly income amount.

more details coming.....

[schoolofhardknocks]

Would you mind posting a link to the Fannie Mae letter addressing this change? Very curious.

[Pfhtex]

It was a PowerPoint slide. I will get a source doc tomorrow.

[SmartMoney]

I also read this in a newsletter I get, but it's nowhere to be found in Fannie's published guides.

I'm hoping it's true and not an agressive HOC that stepped out of turn........but will the investors follow? Don't care, we sell direct.

[lanigan911]

https://www.fanniemae.com/content/an...nt/sel1406.pdf