Following an incredible year for refinances that mostly benefited wealthier borrowers, the Federal House Finance Agency (FHFA) announced it is implementing a new refi product that targets low-income borrowers with single-family mortgages backed by Fannie Mae and Freddie Mac. According to the regulatory agency, this new product, available to qualifying homeowners with a Fannie Mae-owned mortgage beginning June 5, 2021, […]
Fannie, Freddie 1st Quarter
Fannie Mae earned $5 billion of net income in the first quarter and provided $422 billion for mortgages, enabling people across America to refinance a home, purchase a home, or finance rental property. “This last quarter was the second biggest nominal volume quarter in our history,” said Fannie Mae CEO Hugh R. Frater. The one caveat, […]
Housing 2021: First-Timers, Forbearance, Fannie & Freddie
Some of the top sources for real estate business news predict a strong 2021 for housing. Economists from Redfin, Zillow, FORBES, Bloomberg, realtor.com, HousingWire and more see mortgage rates remaining low while demand for housing remains high. But the question on many minds is, how will the new administration affect the industry? One of the […]
FHFA Loan Limit Increase
The Federal Housing Finance Agency (FHFA) announced it will increase the 2021 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $548,250 on one-unit properties and a cap of $822,375 in high-cost areas, such as California. The previous loan limits were $510,400 and $765,600, respectively. Baseline limit The Housing and Economic […]
Fannie, Freddie Announce Mortgage Deferral
Fannie Mae and Freddie Mac have announced additional relief options for homeowners struggling due to the COVID-19 pandemic. According to announcements from the two companies last week (May 13), homeowners in forbearance can now request payment deferrals as early as July 1. This allows any missed payments to be made up at the end of […]
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 […]
Fannie, Freddie Subpoenaed in Commission Lawsuit
Plaintiffs in an antitrust lawsuit that could shake up the real estate industry have subpoenaed mortgage giants Fannie Mae and Freddie Mac, sharpening scrutiny of real estate commissions nationwide. The subpoenas were issued by the smaller of two bombshell commission lawsuits filed against the National Association of Realtors and real estate franchisors Realogy, Keller Williams, RE/MAX, HomeServices […]
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 […]
Oct. 7 CVAR At A Glance
Featured Classes and Events Oct. 7 | CRMLS Training – Glendora – Free Oct. 8 | 2020 The Agent With Vision – YPN Forum – Free Oct. 9 | New Member Orientation – All Locations Oct. 9 | zipForm® Basic – Free – All Locations Oct. 10 | Mortgage License Origination (MLO) – Glendora Oct. 11 | Brian Buffini Success Tour […]
No Appraisal Required for Certain Homes
Certain home sales of $400,000 or less will not need an appraisal since federal regulators approved a proposal to increase the threshold at which residential home sales require an appraisal. Last November, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve released a proposal that would increase […]