The FHFA directed Fannie Mae and Freddie Mac to delay the implementation date of their .05% Adverse Market Refinance Fee from Sept. 1 until Dec. 1, but C.A.R. says the damage has been done. “While delaying the implementation of this fee may be helpful to lenders, it does nothing to mitigate the damage and cost […]
Skipping Mortgage Payments?
As the ranks of the unemployed have swelled, homeowners have signed up for mortgage forbearance programs that let borrowers delay payments or make partial payments while they wait for their financial situation to improve. But there’s been mass confusion over how borrowers will pay back what they owe. And the fear of a looming lump-sum […]
Fannie, Freddie to Buy Loans in Forbearance – With a Catch
(April 27 UPDATE: Fannie Mae and Freddie Mac’s regulator said Monday that borrowers benefiting from programs that let them skip mortgage payments due to the coronavirus pandemic won’t have to make lump-sum repayments when the crisis passes.) The Federal Housing Finance Agency (FHFA) has announced that it will allow Fannie Mae and Freddie Mac to […]
FHFA Offers Flexibility
The Federal Housing Finance Agency (FHFA) announced several loan processing flexibilities last week from Fannie Mae and Freddie Mac (The Enterprises) designed to help their customers. The flexibilities announced by the Enterprises include: Allowing desktop appraisals on new construction loans; Allowing flexibility on demonstrating construction has been completed (alternative to the Completion Report); Allowing flexibility […]
Fannie, Freddie Up Loan Max
Fannie Mae and Freddie Mac will let mortgage borrowers nationwide take out home loans over $500,000 in 2020. The Federal Housing Finance Agency announced last Tuesday that it will increase the limit on conforming loans, meaning mortgages that adhere to the standards imposed by Fannie Mae and Freddie Mac to a maximum of $510,400 nationwide. In […]
Dec. 12 CVAR At A Glance
Featured Classes and Events Click Links to Register Dec. 14 | New Member Orientation w/ Live Stream to East & West Dec. 15 | Shred Day – Bring Your Paper & eWaste! Dec. 15 | Path to Success Lunch & Learn Dec. 16 | Annual Membership Meeting – Legal Update Annual Meeting – Legal Update […]
Conforming Loan Limits
The Federal Housing Finance Agency’s (FHFA) announced that it will increase the 2017 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $424,100 on one-unit properties and a cap of $636,150 in high-cost areas. The previous loan limits were $417,000 and $625,500, respectively. C.A.R. issued a statement that raising the limits […]