The Federal Housing Administration (FHA) has rescinded more than a dozen sub-regulatory mortgage policies in an aggressive effort to streamline operations, cut costs, and reduce regulatory burdens on lenders and borrowers. The move is part of a broader strategy aimed at making FHA-backed loans more accessible and affordable.
Across the United States, homes are taking noticeably longer to sell, signaling a shift in the housing market that is affecting the behavior of buyers, sellers, and agents alike. The typical time on market has climbed to about 60 days, up significantly from roughly 38 days this time last year.
In a striking and unconventional move, former President Donald Trump has intensified his public campaign for lower interest rates by delivering a handwritten note directly to Federal Reserve Chair Jerome Powell. The note, written in bold Sharpie on oversized paper, marks a rare personal appeal and escalates a long-running feud over monetary policy.
U.S. home price growth is expected to moderate over the next two years, according to a new expert panel survey conducted by Fannie Mae and Pulsenomics. Economists forecast average annual increases of 2.9% in 2025 and 2.8% in 2026—marking a downward revision from earlier expectations of 3.4% and 3.3%, respectively.
The Federal Reserve is widely expected to keep interest rates unchanged at its June policy meeting, maintaining the benchmark rate within the 4.25% to 4.50% range. While the move has been anticipated by markets, its implications for consumers, investors, and policymakers remain significant.
Fannie Mae will launch a feature next month that will incorporate rent payments into the credit evaluation process. Beginning September 18, 2021, Fannie Mae’s Desktop Underwriter (DU) will enable single-family lenders – with permission from mortgage applicants – to automatically identify recurring rent payments in the applicant’s bank statement data to deliver a more inclusive credit assessment.
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 growing percentage of mortgage borrowers are applying through brokers instead of traditional banks and credit unions, according to lending data made available last week. The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) recently published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO).
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.
Freddie Mac economists predict the housing and mortgage markets will remain strong for the remainder of the year, though there are indicators that the lack of housing inventory is starting to “exhaust” potential homebuyers. Freddie Mac’s latest quarterly forecast, releases last week, stated the the low mortgage rates that have supported the housing market throughout the pandemic should increase later 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.
Three separate reports showed mortgage origination volume declined in May due to a dearth of housing inventory and hesitancy to refinance. Fannie Mae and Freddie Mac released volume summaries for May last week.
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 Federal Housing Administration (FHA) has updated policies on how mortgage lenders calculate student loan debt for potential borrowers. FHA said in its announcement that the policy update is designed to “provide more access to affordable single family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color.”
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The Consumer Finance Protection Bureau (CFPB) recently updated its FAQ section for compliance with Regulation X and Regulation Z. The updated FAQs address the sections on escrow accounts. The updated FAQ section seeks to clarify questions on how mortgage servicers address shortages or deficiencies in annual escrow balances.
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Fannie Mae has revised its latest mortgage forecasts to make room for higher refinance volume while anticipating slightly lower purchase loans. The company’s latest Economic and Housing Forecast contains a downward revision on existing home sales for the second quarter, from 6.16 million units to 5.88 million.
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Low mortgage rates over the past few years have created a refinance boom. But low-income homeowners have not had the same opportunity to take advantage and lower their payments. The Federal Housing Finance Agency (FHFA) announced a plan to change that last month.
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A number of recently released economic and housing reports indicate that the negative impacts of COVID-19 on the housing and mortgage industries is subsiding. Despite an increase in mortgage rates in March, purchase applications rebounded from a pull back in February, according to economic research by Fannie Mae.
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Consumers are increasingly optimistic about buying and selling homes as mortgage processors and underwriters prepare for the busy spring and summer real estate season. Fannie Mae’s monthly Home Purchase Sentiment Index (HPSI) jumped more than five points to 81.7 in March, largely on the increased sentiment of potential buyers and sellers.
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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.