President Bush is expected to sign the highly anticipated stimulus package. The plan now includes rebate checks for 100 million Americans and will also raise conforming loan limits in some areas for Freddie Mac, Fannie Mae, and FHA loans. Several things must occur before applications with the higher loan amounts can be accepted by any lender:
- The internal impacts to Freddie, Fannie and FHA must be assessed to determine the delivery approach to mortgage lenders.
- Freddie, Fannie and FHA must communicate their requirements to mortgage lenders.