Mortgage rates remain elevated, marking the third straight week of increases and leaving many homebuyers wondering when relief might come. The average 30-year fixed mortgage rate is holding near 6.9%, a level that continues to put pressure on affordability across the housing market.
A federal appeals court has revived tariffs imposed by the Trump administration, temporarily reversing a lower court’s earlier decision that struck them down. The ruling underscores ongoing legal and constitutional battles over the scope of presidential authority on trade.
The Consumer Financial Protection Bureau (CFPB) has announced the rescission of 67 guidance documents, including several related to the mortgage industry, as part of a broader effort to streamline oversight and align regulatory practices with statutory authority. The decision marks a significant shift in the bureau’s approach to rulemaking and compliance.
The U.S. housing market is confronting renewed headwinds as mortgage rates surged past 7% in response to a credit rating downgrade from Moody’s. The agency lowered the U.S. government’s long-term credit rating from AAA to Aa1, citing fiscal instability and a growing federal debt burden as primary concerns.
The U.S. housing market, already under pressure from high mortgage rates and affordability concerns, is facing added strain due to the impact of former President Donald Trump’s tariff policies. These tariffs have driven up the cost of construction materials, further complicating the economic landscape for homebuilders and buyers alike.
On March 29, 2016 Fannie Mae issued an updated regarding DU 10.0 and Multiple Financed Properties. Previously, we lenders had to manually calculate the reserve requirements because DU did not provide that information. Well, that will all change the weekend of June 25, 2016. DU will now calculate the number of financed properties the borrower has and calculate the reserves for both the subject property and the “Other financed properties.” But before we get into the calculations for the total number of financed properties and reserves, let’s talk about the multiple finance property rule and when it applies.
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.
Recently Fannie Mae has issued communication regarding some upcoming changes with Desktop Underwriter (DU), the Single Family Selling Guide, and Collateral Underwriter (CU).
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.
Fannie Mae has announced the launch of their Home Ready Program which is the replacement product of the Community Home Buyer Program.
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.
Recently I wrote an article inquiring and asking if Hurricane Sandy Victims were going to be victims again. The information is somewhat favorable for more than 38,000 mortgagors who reside in areas impacted by Hurricane Sandy. Previously it was pointed out that more than 38,000 mortgagors received six month forbearance agreements from their mortgage servicers for mortgages owned by Federal National Mortgage Association (Fannie Mae) and by Federal Home Loan Mortgage Corporation (Freddie Mac).
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.
Anyone who is familiar with my article writing over the past several years probably knows I am a huge advocate for training and education in our industry whether it be for those coming in to the lending environment fresh with no prior experience or for the most seasoned veteran such as myself who have been working in the lending environment for well over 20 years or more.
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.
We’re all familiar with many of the components of LQI because most of them have been effective for quite some time now. We’ve become accustomed to checking interested parties against various exclusionary lists, validating each borrower’s social security number, assuring we’re including unit numbers in property addresses for condominium units, rounding the LTV calculations properly, following policies to detect and uncover undisclosed debts etc.
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.
I usually tend to lean toward writing articles on government loans but this week I thought I’d step over the conventional side of things because there are several items of interest that have been announced by Fannie Mae recently and also earlier this year.
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.
Review of the Fannie Mae HomePath Financing Program. I’ve seen a lot of press and advertising on the latest Fannie Mae home loan program so, I thought I would do some research to see what I could learn about the program. What I found very odd was that I was able to find very little product information on the HomePath program even with a major effort digging to find information.
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.