What are Mortgage Overlays? Lender Guidelines Explained!Specific rules a lender follows ABOVE the published guidelines
Today we are giving you a chance to peek behind the curtain of the mortgage world and get an idea of what happens at individual banks and mortgage companies in the form of mortgage overlays.
People often don’t understand why certain lenders will make additional rules to obtain a mortgage with them above and beyond the requirements set by Fannie Mae, Freddie Mac, FHA, VA, or even USDA. We call these rules overlays.
Mortgage overlays are nothing new to our industry, but they have gotten much more popular as lenders have become more conservative when they make lending decisions in today’s challenged real estate market.
Learn more about lender's mortgage overlays from my latest post!
You will also find additional resources via +Paul Sian +Debbie Drummond +Bill Gassett +Anita Clark +Greg Hancock
and +Kyle Hiscock
! #RealEstate #MortgageUpdated