fannie mae rule changes: 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 rule changes: 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 rule changes: 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 rule changes: 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 rule changes: 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)
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)
Right from the National Mortgage News:
;)
;)
;)
