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Volume 17 - Number 5

March 10, 2017

Freddie Changes Impact Self-Employed and 401(k) Reporting

Freddie Mac implemented a few underwriting changes that went into effect this week regarding a borrower’s self-employment status, retirement accounts and commission income. The GSE announced that the documentation required for self-employed borrowers will be revised based on the number of years the borrower has been self-employed and the business has been in existence. Borrowers self-employed for less than five years will face greater scrutiny under the new requirement. Borrowers who are self-employed and have had a business operation for at least five years will require one year of personal and business returns. But those who have been self-employed with business in operation for less...

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With mortgage production down noticeably this year from 2017, how many lenders might disappear via M&A or failure during the next 12 months?

10% or less. It’s not that bad out there.
11% to 25%. It’s a challenging market.
25% to 40%. It’s going to be very ugly.
No opinion.

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