freddie mac: Freddie Mac has some immediate changes for refinances. - 03/01/11 01:08 PM
Effective immediately with Freddie Mac and it's underwriting enging, Loan Prospector (or LP), purchase money mortgages must be seasoned for 120 days from the original note date in order to be refinanced as a "No Cash-Out" refinance.  In many ways, this looks like a move to some of the benefits of the more favorable days of lending.  Also, Freddie Mac & LP requires verification of funds on all refinance mortgages.  This, however, is a more stringent requirement.  Funds are to cover all reserve requirements and cash to close.  Good tips for those who are refinancing to know.
(3 comments)

freddie mac: Freddie Mac's Price Hits are Ready to take affect! - 12/29/10 12:30 PM
Hate to make this a boring post, but it is, in the very least an informative post.  Note, now that their will be huge pricing hits for some loans.  Up to three points!  Yes, that's three and in 3.0% of the loan amount. 
The price adjustment grid is at:  https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf
Unfortunately, Fannie will likely follow, but realtors as well as lenders need to be prepped.  I'm looking for investors to start making their announcments later this week.  Wait for the dust to settle before we see how it affects the consumers, and invariably, the markets.
(1 comments)

freddie mac: Freddie Mac Announces New Price Hits for Certain Loans! - 11/30/10 09:40 AM
Freddie Mac announced changes to its delivery fees for loans pooled starting Mar 1, 2011. No word yet from Fannie, but the GSEs have a long history of following each other in these matters.  One of the biggest change is that for all LTV's greater than 70%, The price hit goes from .25% or 25 basis points in cost to 50.  It doubles. 
To the average consumer, that means that the rate that they had hoped for will be at least .125% higher than the standard similar rate for a loan with less than a 70% LTV. Additionally, there are substantial hits … (37 comments)

freddie mac: Freddie Mac Announces Loan Limits for 2011 - 11/22/10 09:32 PM
On November 19, Freddie Mac announced that they are maintaining the temporary maximum loan limits for mortgages secured by properties located in designated high-cost areas through September 30, 2011. The base conforming loan limits will also be maintained at the current 2010 levels through December 31, 2011, with the maximum loan limit for a 1-unit single-family property in the contiguous United States remaining at $417,000. As a reminder, the loan limits in designated high-cost areas are the higher of the temporary limits established by the Economic Stimulus Act of 2008 (maximum of $729,750 for 1-unit single-family properties in the contiguous United … (4 comments)

freddie mac: Appraisal Process Changing Now - - - Effective May 1, 2009 - 05/04/09 08:25 AM
This is a re-write of a blog that I did a in February...but D-day is here and it's important for the public to know how Fannie and Freddie are changing the way that appraisals are handled.
The Home Valuation Code of Conduct (HVCC) beginning May 1, 2009 on all conventional loans.  Complying with the HVCC is going to be challenging for all parties involved because a vital component of the communication between borrower, realtor, and appraiser has been removed.  Filling that communication gap will certainly prove to be the largest obstacle that we'll need to bridge in this whole process.  As … (5 comments)

freddie mac: Non-Occupant Co-Borrowers....How Knowing the Rules Can Help You Obtain a Home Now!!! - 02/28/09 11:13 AM
Co-Borrowers are borrowers that sign in order to help the main or primary borrower qualify for a loan.  The big hub bub in mortgage banking recently has been Non - Occupant Co-Borrowers.  Non-Occupant Co-Borrowers are borrowers who will help the borrower guarantee the loan, but the Non - Occupant won't live in the property.  There are things that you need to know about them.
1)  DOWN PAYMENTS 
 
First with Fannie and Freddie lenders require 10 percent down payment with at least 5% being the borrowers own money.  FHA doesn't really care about how much money comes from gift, borrower, co-borrower or … (20 comments)

freddie mac: A Kick in the Nuts with Appraisals.... Realtors and Consumers Take Note! - 02/03/09 08:31 AM
Andrew Coumo threatened action against Fannie Mae and Freddie Mac making claims that Fannie Mae and Freddie Mac failed in providing proper oversight with appraisals.  It's argued that Fannie Mae dropped the ball as there was not a proper degree of separation when ordering appraisals.  Needless to say, a new rule is being implemented to change the way that appraisals are ordered. 
TIMEOUT COMMENTARY:  Coumo has decided to punish 98% of the consumers because 2% of the consumers were really hurt by bad appraisals, straw borrowers and the lot.  Don't get me wrong, the mortgage industry didn't act harshly enough or quickly enough when fraud was … (17 comments)

freddie mac: Latest Freddie News Strengthens FHA's stranglehold on the market!!! - 11/14/08 09:10 AM
Freddie Mac is doing all it can to make sure that FHA is the lender for 2009. While FHA in 2008 has had an act similar to a top tier Rocky movie, Fannie and Freddie seem to be fading like Apollo Creed. Freddie is now getting rid of Accept Plus Findings. That's huge. It's basically elimating stated findings. Further, Freddie is allowing AUS or Automated Underwriting Findings with a DTI or Debt To Income of over 45%, but FREDDIE HAS STATED THAT IT WILL NOT BUY any loans with DTIs over 45%. Now there are a few modifications and exceptions, but … (9 comments)

freddie mac: One Take on the Fannie Freddie Takeover!!!!! - 09/08/08 10:52 AM
As you no doubt know, the federal government yesterday took significant action with regard to Fannie Mae and Freddie Mac.
The basic facts are below. In addition I have attached several fact sheets from the Department of Treasury. The Treasury indicates that they are acting primarily out of concern that Fannie and Freddie's ability to fulfill their mission has deteriorated, particularly with regard to the capacity of their capital to absorb further losses while supporting new business activity. As a result, Fannie and Freddie's regulator is taking over all of the duties and powers of the management and board of the … (8 comments)

freddie mac: What the passing of this housing legislation means to the American People. - 07/24/08 10:28 AM
The House and Senate reached agreement on a massive housing bill that affects FHA, Fannie and Freddie, tax policy and many changes involving the housing market. The housing and mortgage crisis has caused Congress to combine these provisions into a bill exceeding 400 pages.
Here are the major components:
1. FHA Changes
Mortgage limits for high cost areas will be increased to $625,000 on a permanent basis (115% of the current conforming limit).  The FHA floor will go from 48% to 65% of the current conforming limit. This will put the new permanent floor at $271,000.
Cash downpayment is set at 3.5%.
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freddie mac: Ginnie Mae and F. - H. - A.!!!!! The future of mortgages - 07/14/08 11:40 PM
Fannie and Freddie are down for the count.  The government is set for another bailout....Now, the housing market has slowed and the mortgage industry has been punished for its transgressions, obtaining mortgages for all but the best conventional, conforming, borrowers is difficult to impossible to accomplish anymore. Even the venerable Fannie and Freddie have whacked product. 100% LTV loans and severely limited the low down payment loans, the cornerstone of the so-called emerging markets loans, have been virtually eliminated.  
Where is the mortgage industry headed....down the FHA route of course.   FHA has a G.A.P. program that's been around since the 1930's in which borrowers can … (3 comments)

freddie mac: Fannie and Freddie - - - Gross! - 07/11/08 02:46 PM
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