Fannie Mae has established a points-and-fees test on subprime loans to provide lenders with clearer guidance on what high-cost loans the mortgage company will not purchase."Fannie Mae will not purchase or securitize a mortgage if the total points and fees charged to the borrower exceed the greater of 5% of the mortgage amount or a maximum dollar amount of $1,000," says an April 14 announcement that goes into effect June 1. Current guidance states that Fannie will not purchase high-cost loans as defined by state predatory-lending laws. The government-sponsored enterprise also has a long-standing policy against purchasing high-cost loans as defined by the federal Home Owners and Equity Protection Act. Fannie Mae can be found online at http://www.fanniemae.com.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
43m ago -
The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
2h ago -
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
5h ago -
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17