Some lenders have made changes to how they collect loan and credit card information, but the impact is still unclear.
The Federal Reserve has said it may cut the $4,500 loan requirement to as little as $2,500 and the federal minimum credit card requirement to $200.
While the Fed has not yet said how it will do so, analysts say the changes could make it harder for people to apply for loans or apply for a credit card that is too good to be true.
FHA loan and loan applications that are submitted online or in-person may be subject to the changes, according to a document filed last week with the Financial Industry Regulatory Authority.
Borrowers who make their online or paper applications online or at their local FHA office can request the required information on their application forms.
“It will reduce the amount of time people spend online, which will help ensure that the FHA is not overburdened,” said Mark Barden, a FHA spokeswoman.
In addition, FHA loan applicants who submit their applications online will have the option to use the FFAO mobile app, which lets them download applications in the field, instead of in a window, said Barden.FHA borrowers must also provide a picture of their employment and social security number, which the app allows them to upload to their online application.
If applicants don’t have an email address, they can use the same email address on their mobile applications, but if they want to contact FHA by phone, they must also have a phone number, said John Feltz, director of FHA Loans, the agency’s mortgage servicing arm.
Applicants can also choose to pay with cash, credit cards or debit cards.
Fannie Mae and Freddie Mac said last week that they will start accepting applications for loans through the FNA website and by mail, and they will continue to accept applications by mail.
Both the Fannie Mae website and the Freddie Mac site have changed their policies to allow for payments in cash, said Jennifer Gerson, a spokeswoman for the companies.
But the FMA says it is also considering the new requirements.
The Department of Housing and Urban Development’s Consumer Financial Protection Bureau, which regulates the FPAB, has said FHA will not collect more information than is needed to make a loan or issue a credit or debit card.
The FHA has already changed how it collects information to make it easier to approve borrowers.
For example, borrowers who apply online may now have the FWAQ process run automatically to determine whether they are eligible for a loan, according the Federal Housing Finance Agency’s website.
But the agency also said applicants must submit a completed application to a FFAE loan provider.
According to the FRAB, the FGAO, FNA, FAA and other regulators will review applications submitted through FHA websites and other FHA-related sites.
The consumer bureau said it expects the changes to be rolled out gradually over the next two to three months.FEMA said it is preparing to make changes to the way FHA loans are approved.