Fannie Tightens Guidelines on Prior Foreclosures, Bankruptcies
Fannie Mae has notified its sellers about tougher requirements for borrowers with prior bankruptcies or foreclosures. The company has also tightened its policies for borrowers who purchase a new residence and convert their existing residence to a second home or investor property.

Credit, Pricing and Underwriting Technology
A new offering for loan officers helps them show prospective borrowers how to manage their credit scores while building a relationship. Other recent technology solutions focus on pricing and automated underwriting, among other things.

Sweeping Underwriting Changes at Chase
Chase has advised its correspondent lending customers of sweeping changes to income verifications, credit verifications and appraisal requirements. The company also outlined a number of red flags for potential mortgage fraud.

Digital Mortgage Universe Expands
A reverse loan origination system has been launched, while an LOS for standard mortgages has integrated hazard insurance functionality. Other mortgage technology advancements include the addition of an Alt-A wholesale lender to a loan search engine, the implementation of automated underwriting for commercial mortgages and a legal truce between two credit reporting companies that has led to a credit scoring collaboration.

Delinquency Rise Seen Easing
Quarterly delinquency continued to rise but is expected to taper off, a new analysis of credit records indicated.

Technically Compliant
Improvements to compliance services dominated mortgage technology enhancements during the past week. Other innovations included alliances, integrations and implementation of an affiliate credit reporting program.

Banks Continue to Tighten Mortgage Guidelines
As banks continued to tighten their lending standards on prime mortgages and home equity lines-of-credit, demand for those products was down, according to a new Federal Reserve report.

Bankruptcies Increase
The number bankruptcies filed by individual borrowers has increased for five consecutive months and is expected to exceed 1 million this year.

Nontraditional Credit on FHA Borrowers
The U.S. Department of Housing and Urban Development has spelled out guidelines for qualifying borrowers using nontraditional credit.