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BofA, Freddie Mac Come to $404M Agreement on Legacy Loans

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249
MORTGAGE INTEREST RATE LOCK ADVISORY
December 03, 2013  :7:35 AM PST 

  

LOCK ADVISORY

7 Day Mortgage Interest Rate lock or Float Advice: FLOAT

The cost for a 3.50% rate based on Mortgage Backed Securities is down 0.23 point

Today there is a good possibility of a "snap back" to better rates after declines in the previous three trading sessions  

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK 

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REAL ESTATE & MORTGAGE NEWS

BofA, Freddie Mac Come to $404M Agreement on Legacy Loans 
By: Tory Barringer - Bank of America and Freddie Mac jointly announced Monday an agreement resolving all remaining rep and warranties claims on loans BofA sold to the GSE through the end of 2009. Under the terms of the agreement, BofA will pay Freddie Mac a total of $404 million (subtracting $13 million in credits on repurchases already made) to be released from existing and future repurchases on approximately 716,000 loans originated in the 2000s. The payment also compensates Freddie Mac for past and potential future losses. » Read More

Conforming Loan Limits Stay Put for 2014, Including High Cost Areas 
Whether because of the uproar from some members of Congress, the Mortgage Bankers Association, National Association of Realtors, and other industry players or not, Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) has left loan limits for Fannie Mae and Freddie Mac unchanged for the coming year. In a press release on Tuesday DeMarco said that the maximum conforming loan limits for mortgages acquired or guaranteed by the two government sponsored enterprises (GSEs) will remain at $417,000 for one-unit properties in most areas of the country >>Read More. 

 

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