Kentucky Fannie Mae Guideline Updates On Student Loan
Fannie Mae Updates Selling Guide Fannie Mae has announced updates to the April Selling Guide (SEL-2017-04) to include the following. All changes but one; noted below, are effective immediately. Student Loan Payment Calculation If a payment amount is provided on the credit report, that amount can be used for qualifying purposes. Note: we have confirmed with Fannie Mae that this will include income based repayment options reporting to credit that are not fully amortizing. If the credit report does not identify a payment amount (or reflects $0), we can use either 1% of the outstanding student loan balance, or a calculated payment that will fully amortize the loan based on the documented loan repayment terms. Note: The DU messaging when an installment debt on the loan application does not include a monthly payment will be updated in a future release to reflect this new policy. Until then, we may disregard the statement in the message specif...
