Back in August, LoanLogics announced it was the technology provider behind the Freddie Automated Servicing Transfer (FASTSM) tool, helping Freddie Mac streamline its Cash-Released XChangeSM program. LoanLogics is also set to provide technology enhancements in support of Freddie Mac’s Co-Issue XChangeSM with the same technology. This was a proud moment for the company, given all the hard work our teams…
As a part of the overall standardization efforts of the government sponsored enterprise (GSEs) Fannie Mae and Freddie Mac as directed by their regulator, the Federal Housing Finance Agency (FHFA)’s Uniform Mortgage Data Program (UMDP) is the latest “U” initiative coming to market is aimed at the loan application. Everyone from the borrower, to the loan originator, quality control vendors…
Driven by several economic factors, lenders who held mortgage servicing rights (MSR) in their portfolio in 2018 saw more profitability than those without, according to recent comments made by the MBA’s Vice President of Industry Analysis, Marina Walsh. In fact, servicing income more than tripled year-over-year, increasing from $64 per loan in 2017 to $203 in 2018 loan.[1] That’s the…
In a mortgage world of eased credit standards, Freddie Mac is tweaking how they will treat an applicant’s student loan debt. Today when an applicant carries student loans that do not indicate a specific monthly payment amount on their credit report, lenders must obtain documentation to evidence the monthly payment due. This can cause problems and delays. Student loans with…
Freddie announced that they have received approval to move forward with their plans to waive a lender’s requirement to obtain and submit a full residential appraisal report on a purchase loan transaction. This is one step further than Freddie and Fannie had gone when they waived appraisals on certain refinance loans. Freddie says that they will provide these waivers on…
Not too long ago, the rage was all about loans being offered by various lenders with a minimum of a 1% down payment coming from the borrower. Freddie Mac was the secondary source purchasing these loans. This was done to increase homeownership by reducing the amount needed upfront for a buyer to purchase and finance a home. It sounded like…
