fannie mae: June FIRST is a Critical Day for Many Borrowers!
- 06/01/10 02:38 AM
Effective June First, 2010, Fannie Mae has stated that it requires borrowers to have their credit re-pulled prior to closing. THIS IS HUGE!!!! From this point on, you'll note that borrowers may get kicked out of a deal at the closing table: if the new credit report determines that there is more debt, or enough debt to hurt the borrower's ability to qualify for the home that's being purchased; Or if the credit scores have dropped enough....so much so that the borrower doesn't qualify for the Fannie Mae program that the borrower was originally approved for; REALTORS TAKE NOTE....THIS COULD BLOW … (5 comments)
fannie mae: Closings Could be Cancelled....RIGHT BEFORE CLOSING!!!!
- 05/13/10 03:33 AM
Right from the National Mortgage News: Beginning June 1 folks, lenders originating mortgages being sold to Fannie Mae Will have to pull a second credit report just before the loan closes! The new quality control requirement is designed to prevent a type of mortgage fraud called "shotgunning," (which I've never heard of before) but the guidelines could send lenders on wild goose chases. Will Dillard, a vice president of operations at SettlementOne Credit Corp., a San Diego reseller of credit data, told American Banker that pulling a second credit report would help stop such frauds but that lenders might also waste time … (11 comments)
fannie mae: Fannie Announces New Loan Limits
- 11/16/09 03:35 AM
Fannie Mae has issued Announcement 09-34, Confirmation of Conventional Loan Limits for 2010, to provide notification of our 2010 conforming loan limits. As in 2009, both the general loan limits and the high-cost area loan limits are provided by our regulator, the Federal Housing Finance Agency (FHFA). There will be no changes to the general loan limits or the high-cost area limits for loans originated in 2010. 2010 Conforming Loan Limits (maximum original principal balance for first liens)
*The chart indicates the maximum loan limit for high-cost areas - note that each geographic area has its own specific high-cost area … (3 comments)
fannie mae: Appraisal Process Changing Now - - - Effective May 1, 2009
- 05/04/09 01:25 AM
This is a re-write of a blog that I did a in February...but D-day is here and it's important for the public to know how Fannie and Freddie are changing the way that appraisals are handled. The Home Valuation Code of Conduct (HVCC) beginning May 1, 2009 on all conventional loans. Complying with the HVCC is going to be challenging for all parties involved because a vital component of the communication between borrower, realtor, and appraiser has been removed. Filling that communication gap will certainly prove to be the largest obstacle that we'll need to bridge in this whole process. As … (5 comments)
fannie mae: Fannie Mae Announces Their "DU Refi Plus Program!!!!"
- 04/13/09 05:35 AM
It's awesome....it's long overdue, and it's time. Fannie Mae, finally, last week, announce that it has taken steps to put things in place to allow it's current customers to refinance even though the equity may not be there anymore. What does this mean? If you had put 20% down to buy your home, but today's value shows that the equity is less than the 20% you can still refinance without having to worry about your home appraising out. For example, if you bought a 300,000 dollar home and borrowered 240,000 when you purchased your home, you had no PMI or Private … (4 comments)
fannie mae: Non-Occupant Co-Borrowers....How Knowing the Rules Can Help You Obtain a Home Now!!!
- 02/28/09 03:13 AM
Co-Borrowers are borrowers that sign in order to help the main or primary borrower qualify for a loan. The big hub bub in mortgage banking recently has been Non - Occupant Co-Borrowers. Non-Occupant Co-Borrowers are borrowers who will help the borrower guarantee the loan, but the Non - Occupant won't live in the property. There are things that you need to know about them. 1) DOWN PAYMENTS
First with Fannie and Freddie lenders require 10 percent down payment with at least 5% being the borrowers own money. FHA doesn't really care about how much money comes from gift, borrower, co-borrower or … (20 comments)
fannie mae: Fannie Mae Announces they can now finance up to 10 properties!!!!
- 02/09/09 01:53 AM
In Fannie Mae's most recent announcement, the government seems to be giving a little push back from the constricting of the markets. As a result the tightening of the guidelines is now being relaxed somewhat. In Announcement 09-02 Fannie Mae's determined that mortgages to the same borrower to allow investor and second home borrowers to have five to ten financed properties if they meet certain eligibility and underwriting requirements. This is a huge change from the past. In the past, this was the case, but with the mortgage implosion, this was pulled back to under 6. Now that the government is trying … (10 comments)
fannie mae: A Kick in the Nuts with Appraisals.... Realtors and Consumers Take Note!
- 02/03/09 12:31 AM
Andrew Coumo threatened action against Fannie Mae and Freddie Mac making claims that Fannie Mae and Freddie Mac failed in providing proper oversight with appraisals. It's argued that Fannie Mae dropped the ball as there was not a proper degree of separation when ordering appraisals. Needless to say, a new rule is being implemented to change the way that appraisals are ordered. TIMEOUT COMMENTARY: Coumo has decided to punish 98% of the consumers because 2% of the consumers were really hurt by bad appraisals, straw borrowers and the lot. Don't get me wrong, the mortgage industry didn't act harshly enough or quickly enough when fraud was … (17 comments)
fannie mae: Latest Freddie News Strengthens FHA's stranglehold on the market!!!
- 11/14/08 01:10 AM
Freddie Mac is doing all it can to make sure that FHA is the lender for 2009. While FHA in 2008 has had an act similar to a top tier Rocky movie, Fannie and Freddie seem to be fading like Apollo Creed. Freddie is now getting rid of Accept Plus Findings. That's huge. It's basically elimating stated findings. Further, Freddie is allowing AUS or Automated Underwriting Findings with a DTI or Debt To Income of over 45%, but FREDDIE HAS STATED THAT IT WILL NOT BUY any loans with DTIs over 45%. Now there are a few modifications and exceptions, but … (9 comments)
fannie mae: One Take on the Fannie Freddie Takeover!!!!!
- 09/08/08 03:52 AM
As you no doubt know, the federal government yesterday took significant action with regard to Fannie Mae and Freddie Mac. The basic facts are below. In addition I have attached several fact sheets from the Department of Treasury. The Treasury indicates that they are acting primarily out of concern that Fannie and Freddie's ability to fulfill their mission has deteriorated, particularly with regard to the capacity of their capital to absorb further losses while supporting new business activity. As a result, Fannie and Freddie's regulator is taking over all of the duties and powers of the management and board of the … (8 comments)
fannie mae: What the passing of this housing legislation means to the American People.
- 07/24/08 03:28 AM
The House and Senate reached agreement on a massive housing bill that affects FHA, Fannie and Freddie, tax policy and many changes involving the housing market. The housing and mortgage crisis has caused Congress to combine these provisions into a bill exceeding 400 pages. Here are the major components: 1. FHA Changes Mortgage limits for high cost areas will be increased to $625,000 on a permanent basis (115% of the current conforming limit). The FHA floor will go from 48% to 65% of the current conforming limit. This will put the new permanent floor at $271,000. Cash downpayment is set at 3.5%. … (8 comments)
fannie mae: Ginnie Mae and F. - H. - A.!!!!! The future of mortgages
- 07/14/08 04:40 PM
Fannie and Freddie are down for the count. The government is set for another bailout....Now, the housing market has slowed and the mortgage industry has been punished for its transgressions, obtaining mortgages for all but the best conventional, conforming, borrowers is difficult to impossible to accomplish anymore. Even the venerable Fannie and Freddie have whacked product. 100% LTV loans and severely limited the low down payment loans, the cornerstone of the so-called emerging markets loans, have been virtually eliminated. Where is the mortgage industry headed....down the FHA route of course. FHA has a G.A.P. program that's been around since the 1930's in which borrowers can … (3 comments)
fannie mae: Fannie Mae's introduces Streamline Refinances for Loans Greater than 100% LTV
- 05/28/08 08:06 AM
Fannie Mae recently introduced a refinance program - called Keys to RecoveryTM - that will enable borrowers struggling to keep their homes, help more prospective buyers purchase homes, and contribute to stabilizing communities hit hard by the downturn in the mortgage market. Fannie is modifying the eligibility guidelines of our current manually underwritten Fannie Mae-to-Fannie Mae streamlined refinance option (for loans up to 100% LTV) to allow refinancing of loans with LTVs greater than 100%. This will help borrowers who are "underwater" to refinance into affordable fully amortizing Fannie Mae loans. THIS IS HUGE!!!!! This option has more restrictive guidelines to compensate … (7 comments)
1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.” (John 14:1-4, New King James Version)
Effective June First, 2010, Fannie Mae has stated that it requires borrowers to have their credit re-pulled prior to closing. 
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