A 50% cap on debt-to-income ratio within Fannie Mae’s Desktop Underwriter acts as an extra-regulatory limit on credit availability, according to researchers at the Federal Reserve Bank of St. Louis.
Implementation of UAD 3.6 has proceeded steadily during broad production, with mandatory implementation still set for Nov. 2. UAD 2.6 appraisals submitted on or after that date will fail, even if the appraisal was conducted prior to the mandate.
Changes at Freddie Mac simplify income history verification for both self-employed and non-self-employed borrowers. That includes certain borrowers who receive guaranteed payments from a partnership.
Lenders responsible for the majority of conventional mortgage originations are currently using VantageScore in some fashion, but it’s still not clear how they deal with differences between VS4 and classic FICO.
A GSE shareholder advocate says selling rights to existing shareholders could resolve conflicting objectives that have vexed GSE reform during the Trump administration.
Despite saying he will nominate former SEC Chair Jay Clayton as director of national intelligence, President Trump appears to be sticking with FHFA Director Bill Pulte as acting DNI.
Four of the 11 regional Federal Home Loan Banks saw double-digit declines in net income in the first quarter, even though total assets grew for the period. (Includes three data tables.)
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