Category: Freddie Mac

Freddie Mac Selling Guide Updates – Bulletin 2020-20 – Dated June 3, 2020

Written by: Lloyd Rutherford, Staff Writer Freddie Mac made a very convenient change for lenders seeking property insurance requirements, and helped those of you who work with condominiums.  Read through this update if you think these changes may impact your business. Interpretive Comments: Property Insurance Requirements Freddie Mac is adding the Property Insurance Requirements to […]

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Fannie and Freddie Publish Refinance & Home Purchase Eligibility Requirements for Borrowers in Forbearance – FNMA LL-2020-03 – Updated May 19, 2020 and FHLMC Bulletin 2020-75 – Dated May 93, 2020 and FHFA Media Announcement – Dated May 19, 2020

Written by Lloyd Rutherford, Staff Writer Rule Synopsis: The GSE’s (Fannie Mae and Freddie Mac), at the direction of their regulator (the FHFA), have released information on temporary eligibility requirements for borrowers who are in forbearance, or recently ended their forbearance and are now looking to refinance an existing home or buy a new home. […]

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Payment Deferral Options available to Servicers – FNMA LL-2020-07 – Dated May 13, 2020 and FHLMC Bulletin 2020-15 – Dated May 13, 2020

Publisher’s Note: There are a lot of rumors and speculation circulating as to how borrowers will be affected by forbearance requests due to Covid-19.  The reality is that until the agencies issue written guidance, none of us know the true answers as the pandemic is a first for our industry.  As each update becomes available, […]

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Freddie Mac – Bulletin 2020-13 – Dated April 22, 2020 -Income Requirements and ARMs

Written by: Lloyd Rutherford, Staff Writer This is an important update regarding income requirement changes for Freddie Mac. In this update they retract a change made last year, so be sure that you read this article to understand the change! Rule Synopsis: Freddie Mac is updating their selling guide for a variety of topics. This […]

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Why do lease payments need to be counted when the lease is nearing its end?

Question: The credit report for my borrower is showing a lease payment of $400 and only a balance of $800.  They have reserves to pay that off prior to closing and he does not intent to get another lease because his company provides him with a car.  Why is my underwriter insisting that this payment […]

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