Good afternoon fellow mortgage professionals, The attached memo from Fannie Mae AKA FNMA explains why this occurred. What I basically take from this memo is that effective with all loans delivered to FNMA on or after Aug 1 FNMA will be charging an additional 100 basis points in discount; additionally FNMA will no longer accept EA 2 level findings. I assume that the pullback in the Alt A/Sub Prime Markets resulted in those loans going in to MCM products thus causing FNMA to make changes to its MCM (My Community) programs. This is BAD NEWS for consumers and mortgage professionals as we will see the lenders have major RATE adjustments ASAP … (2 comments)
fannie mae: Actual DU Changes occuring May 19th
- 05/15/07 03:07 AM
Good afternoon, Here are the new changes being released on Saturday. Please let me know if anyone has any additional questions or you can contact Fannie Mae's customer service division at 1-877-722-6757. Michael Savas-
REMINDER - Effective with new loans submitted to DU on or after May 19, 2007 Underwriting/DU HomeStay Initiative Due to changes in the subprime market, Fannie Mae has introduced the HomeStay Initiative which has been developed to help lenders bring stability to the market and help borrowers refinance so they can stay in their homes. The HomeStay Initiative is not a new product, but an adjustment to credit standards. This adjustment will … (9 comments)
fannie mae: Attention Mortgage Professionals, Major Changes to DO/DU coming Saturday
- 05/15/07 12:52 AM
Good Morning, I am sure that most of you are completely unaware of this as was I until one of the many lenders that I do business with called me late last night to tell me of these dramatic new changes. On Saturday, May 19th there will be significant changes to DU being released. It would behoove all of us to make sure you run DU on loans before this date (especially MY COMMUNITY loans) even if the loan is not 100% ready. As of the 19th DU will be a lot more conservative, whereas loans that would normally be approved, now may not. The … (3 comments)
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