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
A Sight to Behold: Fannie Mae Removes Project Reviews for Site Condos
Project reviews on condo, co-op and planned unit development projects safeguard Fannie Mae’s interest in mortgages securing units in those projects. But a subset of detached condominiums called site condos has earned an exception from Fannie’s rigorous project risk review.Site condos are not the Read more
A Farewell to ARMs’ Lower LTV Ratios as Fannie Mae Increases Them to 95%
Prior to the July 29 Fannie Mae changes, adjustable-rate mortgages required lower loan-to-value, combined loan-to-value, and high combined loan-to-value than fixed-rate mortgages. These low LTV ratios make applying for ARMs less attractive and more difficult for Americans looking to borrow more or Read more
DU® Validation Service Automates Income and Employment Verification, Speeds Up Mortgage Approval Process
Big changes for self-employed borrowers do not stop at reducing the paperwork to one year of filed tax returns for income verification. Fannie Mae’s DU® validation service, as updated, automates the verification of employment and income of borrowers including those with both self-employment and base Read more
