In an effort to determine shortcomings in the housing industry, Fannie Mae’s Economic and Strategic Research Group has conducted a study to find out exactly how much consumers understand the requirements of obtaining a mortgage loan. Previous studies have shown that saving for a down payment and credit scores are the leading obstacles consumers have in obtaining a mortgage, which prompted Fannie Mae to ask them if they really understood what the actual requirements were.

According to the Consumer Financial Protection Bureau (CFPB), the definition of “small creditor” and “rural areas” will be amended effective January 1, 2016. The loan origination limit for small creditor status will increase from 500 originations to 2,000 originations, excluding originated loans held in portfolio by the creditor and its affiliates. The creditor’s affiliates will also be included in the $2 billion asset limit. Both provide a grace period that will apply in certain circumstance that will apply to those exceeding these limits, allowing them to continue to operate as small creditors.  With small creditor status, more lenders will qualify for the following: