Written By: Joel Palmer, Op-Ed Writer
The Federal Housing Finance Agency (FHFA) expects to transition to new crediting reporting requirements and new credit score models in the fourth quarter of 2025. “Following extensive stakeholder engagement and input, FHFA is aligning the implementation date of the bi-merge credit reporting requirement with the transition from the Classic FICO credit score model,” the agency said in a statement.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
Fannie Mae and Freddie Mac reported robust full-year earnings for 2023 due largely in changes to treatments in credit losses and reserves. But steep declines in new business volume demonstrated the challenges of last year’s housing and mortgage markets. Last week, the two government-sponsored enterprises (GSEs) reported their fourth-quarter and full-year financial results for 2023.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
The U.S. Housing and Urban Development (HUD) Department has released a final rule removing the requirement that mortgage lenders register all branch offices where they conduct FHA business. HUD said in the publication of the final rule in the Federal Register that it was adopted without changes to a proposed rule published March 1, 2023. The new rule takes effect March 4, 2024.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
Late-year 2023 developments in the housing market has prompted Fannie Mae to deliver a more optimistic forecast for 2024. “Overall, we expect 2024 to be a better year than 2023 for homebuyer affordability and the mortgage industry,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
A number of questions hang over the mortgage industry as 2024 begins. What impact will this year’s presidential election have on the industry’s future? Will mortgage rates and home prices moderate enough to make home buying more amenable to more potential buyers? How will artificial intelligence continue to impact the industry?
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
Fannie Mae economists are forecasting a slow recovery in home sales and mortgage originations amid a modern downturn in the economy in 2024. In its December commentary, Fannie’s Economic and Strategic Research Group said that single-family home sales likely bottomed out in the fourth quarter of this year, noting that purchase mortgage applications have so far rebounded 15 percent from a low in November.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
Freddie Mac has announced a change to its Condo Project Advisor program to help streamline mortgage originations involving condominium loans. Freddie said with this enhancement, mortgage underwriters and processors can determine “in just minutes” whether a loan to finance the purchase of a condo unit meet’s the GSE’s guidelines.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
The Federal Housing Finance Agency (FHFA) has published its final rule amending several provisions in the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac. The final rule is effective on April 1, 2024, except for several amendments that won’t take effect until January 1, 2026. The new rule amends the ERCF that was published in December 2020.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
Fannie Mae and Freddie Mac have moved into the next phase of critical edits for the Uniform Closing Dataset (UCD). Phase 3B, completed on November 6, transitioned the UCD critical edits from “warning” to “critical/fatal.” Fannie and Freddie published revised UCD FAQs to help with questions regarding UCD. The transition to 3B means lenders must address quality issues for “fatal data points” before delivering loans to Fannie or Freddie.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Joel Palmer, Op-Ed Writer
Fannie Mae released a white paper last week providing details on why it made a pair of key underwriting changes. Meanwhile the U.S. Department of Housing and Urban Development (HUD) announced an initiative it hopes will lead to more conversions of commercial properties into residential uses and mixed-use development. Both announcements continue a trend of agencies and policymakers working to solve an ongoing issue of housing and home financing availability.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.