The GSEs’ automated underwriting systems now include income calculators, appraisal waivers and tools to assess the rental payment history of borrowers.
By one estimate, if Fannie’s title acceptance pilot were allowed to expand, it could save consumers as much as $96 million a year without significantly increasing the risk of title defects.
Starting in October, properties that are part of a condo project in insolvency proceedings will not be eligible for GSE loans. The rule applies immediately if the lender is already aware of the proceedings.
After 18 months in purgatory, the broker giant resumed GSE activity in June with a $173 million Freddie-backed refi for a Manhattan apartment building.