Fannie Mae Issues Guidance Regarding Upcoming Changes to the Reporting of Civil Judgments and Tax Liens on Credit Reports

Fannie Mae issued guidance regarding the upcoming changes to the reporting of civil judgments and tax liens on credit reports. The three nationwide consumer credit reporting agencies (Equifax, Experian, and TransUnion) have announced plans to implement a public record data standard (effective in July 2017) that is designed to improve the accuracy of credit reports. The changes are expected to impact the types of delinquent credit identified on credit reports (most civil judgments and tax liens will no longer be included in credit reports). This Lender Letter provides clarifications in response to questions Fannie Mae has received from lenders about how the credit report changes will impact the Desktop Underwriter risk assessment, Fannie Mae’s requirements, and lenders’ responsibilities.

Click here to view the Fannie Mae Lender Letter