Fannie Mae, Freddie Mac tighten some standards, loosen others amid coronavirus crisis

With the coronavirus continuing to wreak havoc across the country, the nation’s two largest sources of mortgage funding are taking additional steps to address issues that currently exist within the lending process.

Fannie Mae and Freddie Mac announced Tuesday that they are tightening some lending standards while also beginning to offer several “loan processing flexibilities.”

Several of the changes announced by the GSEs address potential concerns surrounding proof of income and assets, two things that can, unfortunately, change rather quickly for some borrowers right now.

Read all the HW details here.