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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|

Don’t be discouraged if another lender told you “no” when it came to financing your home. It has been my experience some people didn’t get approved because their lender did not understand their guidelines or how to use their underwriting software. Contact me for a second opinion!

Related Article Title: Freddie Mac LPA Functionality Guide – Dated September 2019, and LPA Feedback Message Cause and Resolution – Dated June 2019 Written by: Lloyd Rutherford, Staff Writer One of the greatest skills you can develop as an originator or underwriter is a thorough understanding about how your automated underwriting works. Read through this [...]

2019-10-10T08:32:34-05:00October 10th, 2019|Freddie Mac, Social Media Posts|

It may seem odd that interest rates vary between clients, yet there is a good reason for that which has nothing to do with profit to the lender! Lenders’ interest rates are set based on the perceived risk of the borrower. These “adjustments” are set by the agencies buying the loans, such as Fannie Mae and Freddie Mac. When you work with me, I look at all of your options to help you decide what is the best possible loan for your personal financial situation. Call me first!

Related Article Title: Freddie Mac – LPA Feedback Message Updates – Effective October 2019 – Dated September 17, 2019 Written by: Lloyd Rutherford, Staff Writer Using LPA correctly is essential to a successful approval with the right conditions. Stay up to date on the latest LPA feedback messaging along with an updated credit risk pricing [...]

2019-10-10T08:25:45-05:00October 10th, 2019|Freddie Mac, Social Media Posts|

Fannie Mae just loosened guidelines for borrowers who have an employment contract but will not have a paystub prior to closing. If this sounds like your situation contact me and let’s discuss!

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 [...]

2019-10-10T15:29:00-05:00October 10th, 2019|Compliance|