Freddie Mac has announced that it will change Loan Prospector to give lenders greater certainty on pricing for A-minus and Caution loans.The changes will enable lenders to use the Loan Prospector Level returned on the Loan Prospector Feedback Certificate to determine their A-minus fees, since the Loan Prospector Level is identical to the fee rate used to calculate the A-minus post-settlement delivery fee that will appear on the monthly invoice, according to Freddie. In addition, the new post-delivery A-minus fee assessment process will cut the time lenders spend reconciling fees for loans sold to Freddie Mac, the government-sponsored enterprise said. The changes are scheduled to take effect May 1.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24