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Fannie Mae

Fannie Mae will join Freddie Mac by eliminating the $75 fee for HomeReady® clients effective October 23, 2019.

Related Article Title: Fannie Mae Homeownership Education Updates Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady® program, this update contains some important announcements about the Homeownership Education requirement. Rule Synopsis: Fannie Mae eliminates the cost of homeownership education! Effective October 23, 2019. Fannie Mae makes policy changes for the HomeReady® product [...]

2019-10-10T10:32:51-05:00October 10th, 2019|Fannie Mae, Social Media Posts|

Real Estate Agent Alert! Did you know that any locked rooms that are not accessible by the appraiser will result in the appraiser issuing a “subject to” appraisal?  This means they will have to go back out to the property again, adding cost and possibly delaying a closing. Make sure your sellers are aware of this before the appraiser visits!

Related Article Title: Fannie Mae Appraiser Update 9-2019 – Appraisal forms, Desktop Appraisals, Inaccessible Areas, USPAP Disclosures, Property Inspections Written by: Lloyd Rutherford, Staff Writer Any originator or underwriter who has experienced loan fallouts or delays due to an appraisal will appreciate this update. Rule Synopsis: Fannie Mae publishes a quarterly Appraiser Update in a [...]

2019-10-10T08:37:33-05:00October 10th, 2019|Fannie Mae, Social Media Posts|

To combat Reverse Occupancy Fraud, Fannie Mae will no longer allow rental income to be used if the borrower does not own a principal residence or does not have a current housing expense.

Related Article Title: Fannie Mae SEL–2019-08 – Employment Contracts, Rental Income, AML – Dated October 2, 2019 Written by: Lloyd Rutherford, Staff Writer This is a small bulletin, but big update, so be sure to read through the details carefully. Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This [...]

2019-10-10T15:30:29-05:00October 10th, 2019|Fannie Mae, Social Media Posts|

Fannie Mae Appraiser Update 9-2019 – Appraisal forms, Desktop Appraisals, Inaccessible Areas, USPAP Disclosures, Property Inspections

Written by: Lloyd Rutherford, Staff Writer Any originator or underwriter who has experienced loan fallouts or delays due to an appraisal will appreciate this update. Rule Synopsis: Fannie Mae publishes a quarterly Appraiser Update in a newsletter format which contains some very useful information. We will cover some of these topics: Forms for appraisers that [...]

2019-10-10T08:36:04-05:00October 10th, 2019|

Fannie Mae Homeownership Education Updates

Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady® program, this update contains some important announcements about the Homeownership Education requirement. Rule Synopsis: Fannie Mae eliminates the cost of homeownership education! Effective October 23, 2019. Fannie Mae makes policy changes for the HomeReady® product and their standard LTV loans that exceed 95%, [...]

2019-10-09T12:59:11-05:00October 10th, 2019|