Nationwide Mortgage Licensing System (NMLS) Practice Exam

Fannie Mae does NOT require which of the following?

1. 6 months of bank statements

2. Verifiable funds

3. 2 years of addresses

4. Stable 2 year work history

The correct answer is: 6 months of bank statements

Fannie Mae does not require 6 months of bank statements for the processing of a loan application. While providing bank statements is generally part of the documentation needed to assess a borrower’s financial situation, Fannie Mae specifically focuses on verifying funds rather than mandating an extensive time frame for bank statements. In particular, the requirements for verifiable funds and a stable two-year work history reflect Fannie Mae's commitment to ensuring borrowers have the necessary income and financial resources to support their mortgage payments. Additionally, documenting two years of addresses helps to establish the borrower's stability and creditworthiness, which is a crucial aspect of their evaluation process. Therefore, while some evidence of a borrower’s financial history may be required, the specific demand for six months of bank statements is not a blanket requirement under Fannie Mae guidelines.