Fannie Mae is re-evaluating a Selling Guide update related to property insurance that is scheduled to take effect June 1. In February, Fannie announced a clarification to its Selling Guide related to monitoring and verifying property insurance coverage. Fannie said these were long-standing policies “intended to ensure the borrower has sufficient property insurance coverage in the event of a loss.”
Those looking for an indication when Fannie Mae and Freddie Mac may exit conservatorship did not receive one during recent Congressional testimony from the director of the Federal Housing Finance Agency (FHFA). Under the Donald Trump administration, the end of conservatorship was a matter of when, not if. That has changed somewhat during the Joe Biden administration.
Potential homebuyers are finding various ways of dealing with the new reality of higher mortgage rates that are closer to historic norms. During the recent pandemic, mortgage rates sank below 3 percent. In January 2021, the average 30-year rate hit an all-time low of 2.65, according to Freddie Mac. By October 2023, however, that rate was nearly at 8 percent.
Anybody who has bought a home, has tried to buy a home, or is involved in selling or financing real estate knows housing affordability has been an issue for some time. Last week, real estate brokerage Redfin released data showing the extent of how challenging it is for some consumers to buy a home.
As the first quarter of 2024 draws to a close, the latest news shows an industry in consolidation that may have expanded opportunities to finance this year while still dealing with the rising costs of homeownership. A recent report from Fitch Ratings shows that the largest U.S. non-bank mortgage lenders are gaining market share. This is largely due to consolidation and the exit of smaller lenders.
FHA backed loans are facing delinquencies that could lead to a big loss for the government. Reasons for this is due to less amount of down payments and low credit score requirements in the past. These previous requirements made this possible for every average employed citizen to buy a house with affordable down payment and 100% gift funds. There were no credit score requirements and if a borrower did not have any scores FHA allowed using nontraditional credits to get the loan approval requirement. Nontraditional credits are still allowed on loan transactions if the borrower qualifies with other criteria.
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.
Assets are one of the essential conditions of underwriting. There are two major types of assets, liquid assets and non-liquid assets. Both are equally important when a file is underwritten, comparing with old times, where underwriters had to make final determination for the required assets, it is more easier nowadays when automated system makes all the determinations.
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.
Once a borrower gets behind on their mortgage payments, they come to a delinquent borrower category. This happens only if a borrower looses his/her ability to pay their mortgage payment on time. At this point now a borrower has to go for other options if he/she thinks that it is hard for him/her to afford monthly payment in future.
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.
In the mortgage business borrower is a primary focus for everyone working in the industry. Without making a borrower happy no one can succeed. This sounds very easy, to make borrower happy, but this is one of the difficult task for every mortgage personal dealing with the borrower. This is the situation where extra effort customer service is required.
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.
Subordination agreement a written contract in which a lender who has secured a loan by a mortgage or deed of trust agrees with the property owner to subordinate the first loan to a new loan (thus giving the new loan priority in any foreclosure or payoff). The agreement must be acknowledged by a notary so it can be recorded in the official county records.)
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.
The extensive power failure paralyzed the region in the wake of Hurricane Sandy, delaying closings in the mortgage deals. In order to proceed with these closings lenders are requiring inspections from the certified contractors, to make sure if there are any damages. Lenders are also very closely monitoring flood insurance coverage in those areas. This incident will also have trigger down affect on homeowners and flood insurance prices.
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.
Mortgage industry after a long period of downfall started picking up again in the last few years, hence bringing stability for lot of people still loyal and attached to the Mortgage 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.
The way we can handle both business and personal tax returns is pretty much same. The key to the right analysis is to opt for right direction. We can divide the analysis procedure in 3 steps.
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.