More homeowners and homebuyers can hope for appraisal-free transactions as Fannie Mae’s property inspection waiver is in full swing. Approvals on conventional loans with no appraisal are expected to climb, reducing the costs and time it takes to get a mortgage.An appraisal is a staple in any 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
Harvey Could Leave 300K Mortgages in Delinquency: Black Knight
Hurricane Harvey is predicted to leave in its trail some 300,000 mortgages in delinquency with 160,000 90 days + past due. This is according to Black Knight Financial Services’ latest projections released in September.Nevertheless, the Federal Housing Administration, Fannie Mae, and Freddie Mac 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
Qualifying for Mortgages Is Now Easier for Self-Employed Borrowers
Fourteen percent (14%) of respondents surveyed by the Federal Reserve Board received income from self-employment in 2016. And nearly 15 million Americans are self-employed based on Pew’s research.Up until now, it’s been widely known that there are great challenges faced by self-employed Read more
