Mortgage rates declined for the second consecutive week, providing some relief to prospective homebuyers after borrowing costs climbed to their highest levels in nearly three years. Although the latest decrease represents an encouraging development for the housing market, rates remain substantially higher than they were a year ago, continuing to limit purchasing power and discourage many Americans from entering the market.
Fannie Mae's latest mortgage rate outlook is creating fresh concerns for homebuyers, lenders, and investors as the mortgage finance giant anticipates that elevated borrowing costs will continue through 2027. The revised forecast suggests that affordability challenges could remain a significant obstacle for the housing market, while also raising questions about how prolonged high interest rates may affect Fannie Mae's earnings and long-term growth.
Fannie Mae and Freddie Mac are giving approved sellers additional time to complete their transition to the Uniform Appraisal Dataset 3.6 and redesigned appraisal reports, announcing a temporary policy exception for companies that cannot meet the approaching November 2, 2026 mandate. The November implementation date itself has not changed. Lenders that are prepared for UAD 3.6 are expected to move forward as planned.
The U.S. single-family rental market regained some momentum during the summer, but the latest data shows that higher-priced homes are driving much of the improvement while rent growth at the more affordable end of the market remains subdued.
The cost of protecting a home is becoming an increasingly significant part of America's housing affordability problem, with homeowners insurance rates climbing sharply across the country. Once viewed primarily as a challenge in hurricane-prone Florida or wildfire-exposed California, rising premiums are now affecting homeowners throughout the Midwest, Mountain West, and other parts of the nation.
The long-awaited "qualified mortgage" rules were released last week by the Consumer Financial Protection Bureau. The new QM rules have set forth guidelines to protect borrowers from predatory lending while shielding lenders who follow the rules from litigation. Many types of high-risk loans that were implicated in the collapse of the housing bubble, such as interest-only mortgages, stated income loans, mortgages with balloon payments, negative amortization loans, etc., are now effectively banned. I have outlined below some of the significant changes that we should be aware of.
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.
Understanding HUD REO- Part One: Overview of the REO Process. Last week, I presented Part One in a series of articles to help expand your knowledge and understanding of HUD REO (Real Estate Owned) Sales for purposes of FHA lending. This week, in part two of the series, you’ll find further explanation of the appraiser’s responsibilities in regards to the HUD REO appraisal requirements.
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.
A credit report is filled with information about your credit obligations and payments that you may owe that report to the credit reporting agencies. Your credit report contains records of your credit accounts including mortgages, credit cards, student loans, installment loans and any other account that report. It also contains public records, collection accounts, your employment history and your current and previous addresses.
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.
With the New Year started, no doubt we have all made our resolutions and are already working on keeping them. Here are some things to keep in mind that will help make this year a successful one when it comes to our jobs.
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.
I recently was asked by one of my students if condo assessments were ever included in the mortgage payment. I thought this was a good question. Simply because the answer is two-fold.
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.
The holiday season is upon us. Many are now taking their vacations yet at the same time, mortgage applications have increased. The end of the year is approaching and those wanting to purchase are either pushing to have Christmas in their new homes or even bring in the New Year there. That usually means more pressure on all of us to make a deal happen. Here are a few things to remember when it comes time management that can make your job a little easier.
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.
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.