Fannie Mae has postponed the anticipated release of Desktop Underwriter 10.0, an updated version that included using trended credit data. Something went wrong during the testing phase, prompting the government-sponsored enterprise to announce last week that the program will not be implemented during the weekend of June 25 as planned. Fannie apologized to its customers noting that it would be prudent to delay the release until the issues are addressed. Fannie isn’t...
Millennials are in the dark when it comes to knowing about mortgage resources, lenders said, and recent research shows that there are millions of millennials who could afford to buy a home today but don’t know it. “The problem isn’t always that they don’t qualify or have the credit scores, the big problem is they don’t know it,” said Rob Chrane, CEO of Down Payment Resource, speaking on a mortgage panel at the National Association of Real Estate Editors conference in New Orleans last week. “At the same time, we know from our database there are almost 2,500 different programs out there that represent billions of dollars in forms of downpayment assistance and other aid.” Paul Anastos, president of Mortgage Master, a subsidiary of loanDepot, said...
Fannie Mae recently provided sellers with a little more guidance on its expectations related to lender self-reporting of errors in complying with the CFPB’s new disclosure regime under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
Lenders reported a moderate net easing of credit standards across all loan types over the past three months, according to Fannie Mae’s second quarter 2016 Mortgage Lender Sentiment Survey released this week.
A key judicial review panel recently said the Federal Housing Finance Agency’s March bid to consolidate all the Fannie Mae and Freddie Mac shareholder lawsuits and transfer them to one court was “inappropriate” and rejected the government’s request.
Originally scheduled to be implemented the weekend of June 25, Fannie Mae announced on Friday that it is delaying the release of Desktop Underwriter Version 10.0 due to concerns that came up during the testing phase.
Open Mortgage announced they have been approved as a seller with Fannie Mae, joining the likes of So-Fi, another marketplace lender which was approved as a Fannie seller/servicer in May.
Fannie noted that lenders aren’t obligated to self-report any matters related to possible TRID non-compliance except in two limited circumstances where a repurchase demand is an authorized remedy.
Borrowers have been protected from pricing swings on the back-end Connecticut Avenue Securities Structured Agency Credit Risk transactions thus far because guarantee fees on the GSEs’ mortgages are set by the Federal Housing Finance Agency.
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