fnma: 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)
fnma: 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)
fnma: 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)
fnma: 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)
fnma: 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)
fnma: 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)
fnma: 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)
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.
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