Wednesday, October 29, 2008

Fannie Mae Announced First-time home buyers need counseling

Fannie Mae said in a bulletin for lenders that it is making a renewed to its commitment to homebuyer education and counseling. The counseling would not be extended only to the first-time buyers but also, will be focusing on providing borrowers that may encounter problems meeting their mortgage obligations with additional support.

Although Fannie recommends doing one-on-one counseling and groups’ classes, they will be flexible with borrower that can’t attend the section with phone and online counseling, making it easier to go thru the curriculum. Also required, is that the borrower must show evidence of the successful completion of the minimum counseling required by either a class certificate or a letter from the provider.

Fannie Mae now requires that home-buyer education and counseling be provided according to the National Industry Standards, or those of comparable quality as established by other organizations. The National Industry Standards for Homeownership Education and Counseling were developed by a national advisory council of industry stakeholders, including Fannie Mae, and spearheaded by the NeighborWorks® Center for Homeownership

Education and Counseling.

All this new changes have the effective date of January 1, 2009. For more information visit www.eFannieMae.com

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