There was an overall increase in mortgage delinquency among all types of loans during the third quarter of 2017. This is according to the Mortgage Bankers Association whose National Delinquency Survey for 3Q17 is up.The previous hurricanes that hit certain states and payment timing issues for Read more
Qualifying for a Conventional Mortgage Is More Secure With Truncated Asset Account Numbers
The release of Desktop Underwriter® Version 10.1 means more convenience for borrowers applying for conventional loans, cutting back on appraisals, project reviews, and self-employment income requirements. Not only that, Fannie Mae allows for shortened or truncated asset account numbers to further Read more
Fannie Mae Removes Cash-out Seasoning for Properties Listed for Sale
It’s not everyday that a home is sold in a month or less. Some properties remain unsold on the Multiple Listing Service (MLS) for six months. What if a homeowner has a change of heart and decides to do a cash-out refinance instead? What about the usual cash-out seasoning period?Existing Read more
Updated DU® Simplifies Reserve Calculation and More on Multiple Financed Properties
Enterprising individuals into buying and selling homes can take advantage of Fannie Mae’s multiple financed properties program. But not all lenders offer this option due to the challenge of underwriting a borrower with existing mortgaged properties of up to 10. There’s also the complex calculation Read more
Starting a New Job? You Can Use Your Employment Offer to Qualify for a Mortgage
Fannie Mae is making it easier for borrowers changing jobs to qualify for a home loan and document their income through an update in its employment offer policy.Stability of income is an important aspect of any mortgage underwriting. This leads to the common belief, a fair warning to all, that Read more
