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"FHLMC/FNMA"
If you follow the political landscape at all, I'm sure that you were hearing during mid-December more than enough about the Payroll Tax Cut Extension that the Democrats in the Senate approved for two months, and the Republicans in the House were trying to get approved for a 12-month period. President Obama and Harry Reid [...]
Continue Reading →As the discussions continue about how to best restructure FNMA and FHLMC, there are various proposals being floated as trial balloons. Surprisingly, there are some counter-intuitive arguments being made about one of the proposals in particular. Over the last several years, FNMA and FHLMC have adopted a category of loans that they will purchase from [...]
Continue Reading →In the past, I have explained risk-based pricing of mortgage loans. That is the practice of lenders and investors imposing additional costs for different defined tiers of risk. As an example, a borrower with a 620 credit score will have a higher interest rate and fee quote for their loan than will a borrower with [...]
Continue Reading →Updates: Every year about this time, we get an update forthe new conforming loan limits. Conforming loans are those that are eligible to besold to FHLMC (Freddie Mac) and FNMA (FannieMae). For the 5th straight year, the limits are as follows: Single family home $417,0002-unit properties $533,8503-unit properties $645,3004-unit properties $801,950 As I mentioned in [...]
Continue Reading →Ever since the mortgage meltdown, there has been atrend to go back to the traditional mortgage productsthat served the marketplace well for many years. Loan products that included stated income, negativeamortization, and high-leverage vehicles that askedthe borrower to put little down payment have beeneliminated. To a large degree, the products that are currentlyoffered include 30-year [...]
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