In ongoing efforts to increase homeownership rates and provide home financing to underserved markets, both Fannie and Freddie are entering the mobile home financing market. This is part of their ‘Duty to Serve’ requirements under the 2008 Housing and Economic Recovery Act that I mentioned in an earlier blog. The intent is to expand the market for the purchase of,…
It sounds as though we may go back to the old military draft system. No, it’s only for Fannie Mae and Freddie Mac requirements to provide programs to serve the needs of very low, low, and moderate-income home buyers. FHFA announced it is extending the deadline for comments on their Evaluation Guidance to meet these requirements from May 15th to…
Sounds like a name for a bad soap opera or a reality TV show. But, once again this year, the trend continued. Non-Bank mortgage lenders shed employees in December, January, and February only to find the need to find new employees in March. Like the annual migration of the Wildebeests, it happens every year. Why haven’t lenders figured this out?…
Who is Morty and why might he or she put the traditional mortgage originator out of business? First, Morty is not a he or she, it is an online mortgage resource system meant to match consumers with the best products and rates available, while walking them through the loan process. Morty is the brainchild of mortgage professional, Brian Faux. He,…
By now you’ve probably heard of Fannie Mae’s Day 1 Certainty Program to earn relief from certain origination reps and warranties. I hope so because it’s a good program for lenders to get a little relief when they produce quality loans. A lender, using a Fannie authorized third party verification company, can get complete relief from the reps and warranties…
As you may know, LoanLogics (the company I work for) is a vendor to the mortgage industry. We provide technology, technology platforms, and reporting, to lenders for quality and risk management, MERS reviews, correspondent lending, portfolio monitoring and much more. You can view all our services at our website. As a service provider we are required by our clients, under…
