If your Firm is involved with the origination of FHA loans, it is essential that you are aware of the more significant policy changes. These changes became effective for transactions that obtained their FHA case number on & after September 14, 2015. Admittedly, lenders have been recently focused on implementing the new TRID rules & requirements and many mortgage lender…
A million homes here, a million homes there. Pretty soon, we’re talking about a whole lot of home sales. Where is the housing market headed? It seems that MBA and Fannie have a slight disagreement on the issue (Housing Market). Everyone is projecting a rise in interest rates. MBA forecast is for a rise as soon as December. Both Fannie…
Innovations via Technology – Making the Loan Origination Process More Effective & Efficient On October 19th, Fannie Mae announced a series of innovations that will collectively have a positive impact on the loan origination process. The ultimate objectives of these innovations are to provide more access to mortgage financing to prospective home buyers and to help simplify current loan processing…
Fannie Mae continues to make changes to their products, pricing and processes in attempts to help lenders provide financing to more home buyers and homeowners. They rolled out their 97% financing, eased some of their underwriting guidelines, modified reps and warrants and recently expanded their eligibility for high balance loans to better serve creditworthy borrowers in high cost areas. What…
FHA’s Office of Single Family Housing has issued a notice outlining their position on TRID enforcement. In recognizing the lender’s challenges in implementing the new rules, FHA will not include a technical TRID compliance audit when performing their regular quality control reviews (FHA Pass).This moratorium is set to expire on April 16, 2016. During this trial period, they expect lenders…
In separate Announcements, both dated October 7, 2015, Fannie Mae and Freddie Mac indicated that they will begin categorizing loan origination defects, as of January 1, 2016, in one of three ways. They are as follows: Findings Price-Adjusted Loans Significant Defects The stated intent of this change in Defect Taxonomy is to refine their representations and warranties framework by…
