George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Randy one change I would like to see is for Fannie and Freddie to do away with the Loan Level Price Adjustments.  Those additional points are a killer for Borrowers with lower credit scores.

Jan 19, 2015 09:00 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Randy. We have seen this kind of statement before, one problem, it has not become reality. The problem with this kind of directive, lenders don't want to be put in a position to have to buy mortgages back.

Jan 19, 2015 05:40 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Randy.  Next year there will be no doc loans again

Jan 19, 2015 07:55 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Let's hope that these instructions lead to some positive changes.

Jan 19, 2015 09:07 PM
Randy Kirsch
Right Trac Financial Group, Inc., NMLS# 2709 - Manchester, CT
(NMLS# 1012303) Your Dedicated Mortgage Consultant

The GSEs and the FHA seem to be heating up the competition among themselves George Souto and let's hope that they do get to a point of competing with conventional lenders.  The directive from FHFA was not too specific however.  More of a request to "explore".  Could all be smoke and mirrors.

Thanks for sharing George.

Jan 20, 2015 08:40 AM
Randy Kirsch
Right Trac Financial Group, Inc., NMLS# 2709 - Manchester, CT
(NMLS# 1012303) Your Dedicated Mortgage Consultant

One of the things that the GSEs were requested to do was clarify the standards for buy-backs @Joe Petrowsky  - otherwise the directive is not very specific in a number of ways and I will likewise be surprised if anything develops as a result.

Thanks for sharing Joe.

Jan 20, 2015 08:42 AM
Randy Kirsch
Right Trac Financial Group, Inc., NMLS# 2709 - Manchester, CT
(NMLS# 1012303) Your Dedicated Mortgage Consultant

There are some indications that some lenders are reverting to old ways Conrad Allen - only time will tell.

Thanks for sharing.

Jan 20, 2015 08:43 AM
Randy Kirsch
Right Trac Financial Group, Inc., NMLS# 2709 - Manchester, CT
(NMLS# 1012303) Your Dedicated Mortgage Consultant

I do hope something positive will result from the FHFA directive Roy Kelley - but I am not going to hold my breath.

Thanks for sharing, Roy.

Jan 20, 2015 08:44 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

When there is too much cash and not enough qualified buyers the qualifications become diluted much to the detriment of society.

Jan 20, 2015 09:51 AM
Randy Kirsch
Right Trac Financial Group, Inc., NMLS# 2709 - Manchester, CT
(NMLS# 1012303) Your Dedicated Mortgage Consultant

It sounds like you learned some lessons from the Great Recession Conrad Allen 

Thanks for sharing the additional comment.

Jan 21, 2015 08:02 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Nothing learned just knee jerk reactions Randy.

Jan 21, 2015 10:17 AM