freddie mac: Freddie Mac Offers One Year Tolerance for Unemployment
- 01/15/12 10:48 PM
Freddie Mac has announced that they will now provide one year of forbearance for unemployed borrowers to pay their mortgage payments. Prior, lenders were only allowed to grant out-of-luck borrowers three months. Part of this new deal allows lenders, like Guaranteed Rate, the ability to approve unemployed borrowers’ loans with Freddie Mac for six months without prior approval from the government. From there, Freddie Mac can choose to extend the forbearance for another six months if they feel it is necessary. These new options have been put in place in direction of the Federal Housing Finance Agency in hopes of helping … (0 comments)
freddie mac: Reasons Why We Need So Much Documentation From You
- 12/29/11 10:52 PM
Reasons Why We Need So Much Documentation From You As you prepare for a mortgage application, I want to educate you on why we ask for, what may seem like, an excessive amount of documentation during your mortgage process. Due to lax underwriting from 2004 to 2008, Fannie Mae and Freddie Mac decided that they weren’t being strict enough on mortgage bankers and upgraded their standards in an attempt to prevent default mortgages, which began in 2008. In order to sell any loans to Fannie Mae or Freddie Mac, lenders have to make sure we meet their requirements. This has led us … (29 comments)
Freddie Mac has announced that they will now provide one year of forbearance for unemployed borrowers to pay their mortgage payments. Prior, lenders were only allowed to grant out-of-luck borrowers three months. Part of this new deal allows lenders, like Guaranteed Rate, the ability to approve unemployed borrowers’ loans with Freddie Mac for six months without prior approval from the government. From there, Freddie Mac can choose to extend the forbearance for another six months if they feel it is necessary.
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