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NATIONWIDE MORTGAGE E ALERT (7813)FANNIE MAE DEFINES ITS DEFINITION OF QUALIFIED MORTGAGE EFFECTIVE JANUARY 14, 2014FACTS LL201306: Additional Information about Ability to Repay and Qualified Mortgage
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Fannie Mae defines its guidelines and requirements for mortgage lending.
Lenders and financial institutions are required to follow Fannie Mae guidelines in their mortgage lending practices.
Filling out Fannie Mae guidelines involves ensuring compliance with their standards for loan origination, underwriting, and servicing.
The purpose of Fannie Mae guidelines is to create uniformity and consistency in the mortgage market to protect both borrowers and investors.
Information such as borrower financials, property details, and loan terms must be reported according to Fannie Mae guidelines.
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