What Are Mortgage Overlays?
Today I would like to talk about an often overlooked issue in home finance. People often don’t understand why certain lenders will make additional rules to obtain a home loan with them above and beyond the requirements set by Fannie Mae, Freddie Mac, FHA, VA, or even USDA. We call these rules overlays.
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. Lenders can make their own rules on basic interpretations of guidelines because it may have affected them negatively in the past or they are just uncomfortable with the risk level.
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