Fannie Mae Making Changes

By
Real Estate Mortgage Broker with GSF Mortgage Corp
As part of those updates Fannie Mae is now eliminating the need to payoff collections or charge offs. (effective 5/19)
 
Could this be a change to get sub prime loans into Fannie Mae products.
 
I think so and I am sure there are more changes coming to get these sub prime ARMS into fixed rate products.
 
Don't sit back and wait for the ultimate product to be released to help the sub prime market - the products may not be new at all - existing products may be tweaked to buy more of the sub prime market.

There is plenty of market out there for those who are willing to work for it!

What can this mean for your clients seeking a new home?  

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Anonymous #1
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Anonymous
Thanks for the update, I know Freddie Mac will allow collections to a certain extent.  Fannie Mae generally allows $2500 cumulative in collections now and this change will be great! 
May 02, 2007 08:51 AM
Rainer
2,817
Joe Iacovelli
GSF Mortgage Corp
Mike, thanks for the reply.  I agree it will be great.  Hopefully, the changes will be significant to allow us to really help versus turning people away or asking them to keep waiting.
May 02, 2007 09:33 AM
Rainer
150,001
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bob Mitchell (NMLS#1046286)
Bank of England (NMLS#418481)

That's cool.  I have a client who has a collection from MCI that she swears it will be a cold day in hell before she pays them.  Having had a bad experience with MCI myself, I can understand if she felt like they tried to rip her off. 

 

Bob Mitchell

ValueList 

May 02, 2007 10:36 AM
Rainer
2,817
Joe Iacovelli
GSF Mortgage Corp

Bob,

I think we have all had a company that we have had problems with and don't want to pay.  I have been working with clients that have had some issues with their credit.  When I start the conversation with them about issues on their credit report.  Most are outraged at some of the items.  I have them dispute all of the ones they think are wrong and have the creditor come back with the findings.  My last client had 9 disputes.  He solved 6 of them with one we are still working on and has raised his score to almost 580 in 30 days.  

I found that most of the time the disputes will clean things up and almost every time the scores go up.  Then I can really get to work helping them.   Plus the referral's they send are great. 

May 02, 2007 10:58 AM
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Rainer
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Joe Iacovelli

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