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FANNIE MAE BEGINS COLLECTING MORTGAGE DATA ANTICIPATING LAW; WILL BETTER SERVE LOW-INCOME FAMILIES AND MINORITIES

 FANNIE MAE BEGINS COLLECTING MORTGAGE DATA ANTICIPATING LAW;
 WILL BETTER SERVE LOW-INCOME FAMILIES AND MINORITIES
 WASHINGTON, July 23 /PRNewswire/ -- The Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) today announced new mortgage information reporting requirements, anticipating passage early this fall of federal legislation mandating more housing credit for low- income families and minorities. The company said announcing the new standards now will allow lenders time to prepare their systems for a January effective date established in the bill.
 In a letter sent to lenders doing business with Fannie Mae, the company asked them to begin supplying new data regarding mortgage applicants' race, gender and income by Jan. 1, 1993.
 "To fulfill our objectives under the forthcoming law, it is imperative that we have a true picture of home buyers whose mortgages we finance through lenders," said James A. Johnson, Fannie Mae chairman and chief executive officer. "Through the use of this information, we can expand our impact on unmet housing needs in all communities."
 Broadened data collection is part of federal legislation modernizing regulation of Fannie Mae and Freddie Mac. Versions of the bill have passed both the Senate and the House, and final passage is anticipated this fall.
 Johnson said: "We are providing lenders with this detailed notice of reporting requirements in the belief that the legislation will pass before Congress adjourns in October. The provisions of the bill, as currently written, are effective January 1, 1993, and it is important that our lenders be able to prepare for that effective date."
 The letter to lenders details 20 reporting areas where additional and new information will be required. Johnson said that all but one of the new elements are already collected by lenders on the various forms used in the mortgage process. The required information consists of 17 additional data elements and three new special feature codes, ranging from such borrower characteristics as a "first-time home buyer indicator," as well as important property features such as the appraisal amount.
 "We recognize that the reporting of additional information for every mortgage delivered to us may require significant effort from lenders," said Johnson, "so we have tried to anticipate our data needs for the foreseeable future."
 Fannie Mae and Freddie Mac worked together on the new information standards, recognizing that the proposed legislation regulating the two government sponsored housing enterprises includes affordable housing provisions for both companies.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and is the nation's largest investor in home mortgages.
 -0- 7/23/92
 /CONTACT: Tom Marder of Fannie Mae, 202-752-7608/
 (FNM) CO: Fannie Mae ST: District of Columbia IN: FIN SU:


TW -- DC011 -- 2523 07/23/92 12:22 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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