Fannie Mae
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With Interest Rates Soaring, Borrowers Turn to Buydown Agreements
As interest rates and property values remain at a steady high, borrowers are trending towards 2-1 temporary buydown agreements to keep their initial mortgage payments down. These borrowers are hopeful that they will be able to refinance in the future to bring their payments down permanently.
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Sunset on the LIBOR Index
The Bureau of Consumer Financial Protection has issued a final rule that amends Regulation Z in anticipation of the discontinuation of the use of the London Interbank Offered Rate (LIBOR) based indices in consumer transactions.
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Revised Qualified Mortgage Rule
In December of 2020, the Consumer Finance Protection Board (CFPB) issued a new General Qualified Mortgage (QM) final rule. Although the new final rule took effect on June 30, 2021, the required compliance date of July 1, 2021 was pushed back to October 1, 2022.
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Fannie Mae Updates Selling Guide
On April 3, 2019, Fannie Mae announced changes to the Selling Guide sections covering HomeReady ® mortgage loans, the self-report process, and additional topics.
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Fannie Mae released Selling Guide Announcement SEL -2018-09
On December 4, 2018, Fannie Mae released Selling Guide Announcement SEL -2018-09 describing changes made to the following key topics: Self-employment income calculation – enforcement relief when using approved vendor tool Commissions and unreimbursed business expenses – updated policy based on tax law changes Appraisal waiver policy – for loans in process at time of […]
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Fannie Mae Updates Selling Guide
On October 2, 2018, Fannie Mae made the following updates to its Selling Guide: Outsourcing of Mortgage Processing and Third-Party Originations, Employment-Related Assets as Qualifying Income, and more.
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Fannie Mae Will Consider Appraisal Waiver in Rural High-Needs Areas
Home Inspection Alternative Issued Through Desktop Underwriter® For certain home purchase transactions in rural high-needs areas, Fannie Mae may offer to waive the appraisal in exchange for a mandatory home property inspection. The rural high-needs appraisal waiver seeks to help low- to moderate-income borrowers avoid unanticipated, potentially high-cost, post-purchase repairs. This offer will be considered […]
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Fannie Mae Now Permits Lenders to Contribute toward Borrower Closing Costs
April 3, 2018 Fannie Mae Issued Selling Guide #2018-03 clarifying lender-sourced contributions to fund closing costs and prepaid fees. Lenders may take advantage of the change immediately. Below are the key points of the announcement: A lender-sourced contribution may not be: Used to fund any portion of the down payment; Subject to repayment requirements, or […]
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Fannie Mae Updates Selling Guide
On February 27, 2018, Fannie Mae updated its Selling Guide.
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Fannie Mae Selling Guide Updated
On December 19, 2017, Fannie Mae updated its Selling Guide to address underwriting borrowers with frozen credit, disaster-affected loans, and additional areas. With this update, Fannie Mae also provides additional detail related to its expectations and requirements for sellers/servicers’ Internal Audit function.