Any Fannie Mae loans will become even more stringent regarding financial picture changes in the weeks ahead.

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Beginning June 1, FNMA is implementing the LQI additional credit check prior to closing. It is designed to find out if borrower(s) have obtained, or shopped for, new debt between the date of loan application and closing.

Applications of any type (auto, furniture, appliances, landscaping, windows, another credit card, or similar) will need to be researched, possibly delaying closing.

Fannie Mae spokeswoman Janis Smith said lenders "will have to look for things like new credit accounts, increased credit lines, and increased balances on existing accounts, undisclosed or newly recorded liens, and second mortgages -- anything that may have changed since initial application that might impact a borrower's debt-to-income ratio."

Lenders are also expected to perform additional verifications of borrower occupancy plans, Social Security numbers and Individual Taxpayer ID numbers.

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