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 if they haven't already.
Mike-
Michael Savas|Mortgage Consultant/Planner
271 Waverley Oaks Road Suite 209| Waltham, MA 02452
Office: 617 489 8881 | Fax: 617 489 1992 | Mobile: 617-548-7124
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