Fannie Mae and Freddie Mac are formally advising the industry that credit bureaus will be expected to comply with standards for reporting of civil judgments and tax liens on credit reports. Errors have caused nightmares for borrowers, and this new standard will likely address those inconsistencies. If clients in the past were denied financing due to credit report errors, contact me! Now may be the time for them to try again.
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Rule Synopsis: [tweet-start]NY Attorney General reaches nationwide settlement agreement with credit reporting agencies to clear up errors in credit reporting.[tweet-end] On June 13, 2017, Fannie Mae issued Lender Letter 2017-02, and on June 27, 2017, Freddie Mac issued a Single-Family News Center Article to formally advise the industry of the changes soon to be released for […]