fannie mae: Student Loan Debt Solution Found via Fannie Mae's "Student Loan Cash-Out Refinance" - 12/12/18 01:04 PM
Student Loan Debt Solution Found via Fannie Mae's "Student Loan Cash-Out Refinance"   Mounting Student Loan debt has become a huge concern ...  This is true not only for individuals carrying student loan, but for GSE's (Government Sponsored Enterprises) like Fannie Mae that oversees and ensure mortgage liquidity and guidelines to Banks, Lenders, and Mortgage Providers.   
In a previous post, I noted that Fannie Mae had revised guidelines as they pertain to treatment of Student Loan Debt when applying for loan.  Those changes were favorable for Home Buyers carrying student loan debt, as they allowed Mortgage Underwriters some flexibility in examining and allocating for student loans. 
This new more relaxed … (15 comments)

fannie mae: September 1, 2017 Sees Appraisal-Free Purchase Mortgages Become Available from Fannie and Freddie - 08/30/17 03:30 PM
September 1, 2017 Sees
Appraisal-Free Purchase Mortgages
Become Available from Fannie and Freddie
Fannie Mae and Freddie Mac have recently come out with new directives and notifications relating to requirements on appraisals ...  
What are those changes?
As of September 1, 2017:  On transactions fulfilling "certain specific limited requirements" set forth by Fannie and Freddie, appraisals will no longer be required.
First and foremost: This does NOT mean that the mortgage industry has forgotten the lessons learned during the meltdown of the late 2000's.  Only mortgage applicants with very low credit risk will be capable of taking advantage of these new directives.
This new directive signals:  Fannie and … (12 comments)

fannie mae: Get Ready for "HomeReady" from Fannie Mae - 07/06/17 09:27 AM
Get Ready for "HomeReady" from Fannie Mae
After years of warranted tightening of guidelines in the Mortgage Industry, there are some new changes taking place that help to "relax" some guidelines, as they pertain to Fannie Mae (Conventional Loans) ...
 Come mid-July, 2017, Fannie Mae's Automated Underwriting Systems will be "tweaked" to allow up to a 50% Total Debt-to-Income Ratios (DTI) ... in some cases, not all. I believe there will be a sort of "learning curve" or learning period that takes place during the early days of this "tweak" ... but, you can probably safely assume that the following scenarios will NOT fall within those scenarios … (28 comments)

fannie mae: Debut of Fannie Mae's Appraisal Review Slated for January 26, 2015 - 01/17/15 11:18 PM
Debut of Fannie Mae's Appraisal Review Slated for January 26, 2015 
          Fannie Mae has rolled out a new safeguard for Lenders and Underwriters, as they continue to strive for Appraisal integrity and accuracy ...
     This new Lender's tool becomes available on January 26, 2015 ... the very same day that FHA institutes their new Mortgage Insurance Reduction.  (See my recent post, "January 26, 2015: Changes Ahead for Mortgage Financing" for details regarding FHA's changes.)
     The development of this new "Appraisal Review" tool is intended to help alert Underwriters and Lenders of inconsistencies of Appraisal data submitted through the processes "already in place".  

fannie mae: Will Mortgage Financing Have a New Look Soon? Changes with Fannie Mae, Freddie Mac, and FHA - 09/05/13 06:46 AM
Will Mortgage Financing Have a New Look Soon?
Changes with Fannie Mae, Freddie Mac, and FHA

     Five years from now, will financing of Residential housing have a whole new look?  Many are predicting so ...
     Currently, approximately 90% of new loans closed are backed or guaranteed by the giants Fannie Mae and Freddie Mac.  And that percentage is currently growing.  Based on recent reports, Loan Originations submitted to FHA were down 49% during the month of June, 2013.
     Of course, these numbers (and recent chameleon-like changes) may directly correlate with FHA's recent increases in Monthly-Paid Mortgage Insurance … (12 comments)

fannie mae: Should a Simple Repair Needed on a Property Kill a Deal? - 08/19/13 05:25 AM
Should a Simple Repair Needed on a Property Kill a Deal?

      In quite a few of my recent Mortgage transactions, I've seen Appraisal Reports where the Appraiser has commented that the condition of the REO property (foreclosed) they are viewing has been "Less than ideal". In each instance, the definition for "Less than ideal" has not been a true cause of concern in the Appraiser's eye.
      However, I have found each time that the Underwriter has seen this statement regarding property "blemishes" on the Appraisal Report as some sort of red flag. Then the "blemish" has become an Underwriting … (40 comments)

fannie mae: Cure Your Home Buyer's Blues! Take a Heapin' Helpin' of Fannie Mae's HomePath Home Buying Incentives Today! - 06/14/11 01:27 PM
Cure your Home Buyer's Blues!
Get a heapin' helpin' of HomePath INCENTIVES ... Call Me NOW!
FannieMae just announced that they're providing a major "dose" of incentives to cure home buyer's blues.  Incentives that can mean up to a 35% increase in a home buyer's closing credit!  
To help more buyers purchase a home, FannieMae is offering up to 3.5% in Closing Costs assistance to those purchasing HomePath properties. This heapin' helpin' of assistance is available starting June 14th and runs through October 31st, 2011.
Exciting, right?
Who ... and exactly what properties ... are eligibile??   Here are the … (13 comments)

fannie mae: Tick Tick Tick. That's the Sound of Your Opportunity Slipping Away for Lower Interest Rates, Lower-Priced Mortgages, and Cheaper Closing Costs - 03/22/11 08:46 AM

      Tick ... tick ... tick ... 
    That's the sound of time slipping away on lower-priced mortgages, smaller-downpayments, lower interest rates, and cheaper closing costs.
    Getting worried?
    If you're a first-time buyer ... or live in a high-priced region of our country ... maybe you should be.         As of April 1st and after ... there are many things in play that could drive-up the cost of seeking and securing your home loan.       Fees paid for small-down payment loans are rising.  This type of loan is typically a launching-pad into homeownership for first-time buyers.  There is talk of ending … (10 comments)

fannie mae: Educate Yourself and Know Your "WaysHome". Fannie Mae's New WaysHome Video - 01/11/11 04:46 AM
       As a Lender at  Chicago Bancorp, I can tell you ... nothing is better than working with a homebuyer that has obviously done their homework and prepared and educated themself.  The connection and relationship works well on both sides right from the get-go and leads to a smooth and successful closing.  It's what every lender wishes and strives for.        
     That's why I'm so excited about the release of Fannie Mae's new WaysHome video  that can be found on their website, 
     This new video educates, assists, and motivates those hoping to purchase a home, (and those that are already homeowners), and helps them have fun while doing … (7 comments)

fannie mae: Appraisals & the HVCC ... Are You Frustrated With the Current Hassles? - 06/22/10 06:34 AM

     Appraisal issues continue to be a problem for competing Lenders, Banks, and Mortgage Brokers.  I receive calls from Attorneys and Realtors ... even Borrowers themselves (after the loan has not closed through a competing lender), asking, "What can you do to help this situation"?  Currently, this is happening more often that you would think ... or like.
     I definitely do not mind receiving phone calls or pleas for assistance regarding this issue.  I'm always happy to have a chance to help and also grow my business.  And, this is a problem where I think I hold a definite edge over many … (33 comments)

fannie mae: Fannie Mae's "Home Affordable Foreclosure Alternative" (HAFA) is Effective 8/1/2010 - 06/09/10 07:30 AM
    Effective on August 1, 2010, Fannie Mae will be offering a new program "Home Affordable Foreclosure Alternatives (HAFA), that is focused on helping those in Pre-Foreclosure status and Short-Sales.
     I see some pre-emptive moves taking place from Fannie Mae within this program, and I find that all positive ... not only on the Homeowner's behalf, but the real estate professionals' behalf, as well. 
     Will it cure all the ills that we are finding within this portion of the industry right now?  Probably not ... but it does provide some new and revamped options with which to … (6 comments)

fannie mae: Time is Running Out on the First-Time Buyer's Tax Credit. Are you looking for a way to assist those last minute shoppers? - 10/07/09 10:58 AM
     There have been many articles written recently regarding the looming tax    credit deadline for first-time home buyers.  A real debate has been raging ... should or shouldn't the tax credit be extended?
     In the meantime while the pros and cons of this are being debated, I'm experiencing a great number of phone calls asking ... "Can I still take advantage of this credit"?  And ... "Do I still have time to get a deal closed before the cut-off date"?  As the clock ticks down on this program, it is getting harder and harder to answer in the … (6 comments)

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) Rainmaker large

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience

New Lenox, IL

More about me…

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656

Address: Gene Mundt, Mortgage Originator c/o American Portfolio Mortgage Corp., 318 Alana Drive, New Lenox, IL, 60451

Mobile: (708) 921-6331

Office: (815) 524-2280

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