Every quarter, CrossCheck highlights key developments affecting lenders as they originate, underwrite, and fund residential mortgage loans. In this issue, we discuss:
- UAD 3.6 Implementation Updates – Fannie Mae, Freddie Mac, and FHA have announced important Uniform Appraisal Dataset 3.6 updates, including GSE exception provisions and FHA’s transition toward broader adoption of the new appraisal dataset.
- Fannie Mae Rental Income Guidance – Fannie Mae clarified rental income eligibility and documentation requirements, including new guidance for short-term rentals, acquired investment properties, departing residences, and lease documentation standards.
- Freddie Mac VOE Documentation Options – Freddie Mac now allows lenders to use written verification of employment, while retaining income calculation accuracy relief under its automated assessment framework.
- Emerging Mortgage Fraud Risks – Occupancy misrepresentation and AI-generated loan documents are creating new challenges for lenders, highlighting the need for stronger verification, staff training, and fraud detection controls.
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