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Fannie Mae and Freddie Mac delegation agreement starts this month

Fannie Mae and Freddie Mac delegation agreement starts this month
Just last November 1, Fannie Mae and Freddie Macgave a go signal to nine private loan servicers for them to grant short sales without having to get another review for troubled borrowers. This is done because it has a huge possibility to lessen costs, interruptions, and doubt. This allocation agreement will allow loan insurers to grant any short sale

It has been known that these nine loan insurers to have agreed to advance short sales are as follow:

• United Guaranty Corp
• Genworth Mortgage Insurance Corp.,
• CMG Mortgage Insurance Co.
• Triad Guaranty Insurance Corp.
• PMI Mortgage Insurance Co.
• Radian Guaranty Inc.
• Essent Guaranty Inc.
• Republic Mortgage Insurance Co.
• Mortgage Guaranty Insurance Corp.

For borrowers who were able to make only less than 20 percent down payments of the value of the home they are bankrolling, Fannie Mae and Freddie Mac pass on a prerequisite for borrowers to remove mortgage insurance.
With this new agreement, the process of which nine mortgage insurers agree will benefit the people because it’ll be reliable and orderly for both insurers and borrowers.

Tracy Mooney, senior vice president for loan servicing and REO at Freddie Mac, said that they are very happy that the nation’s mortgage insurers are very cooperative to work with alone with the servicers. This will really boost borrowers to acquire short sales and several foreclosure substitutes. Since the borrowers will benefit with this agreement, many will be able to avoid foreclosure. It clearly shows that it supports housing recovery and aids the reduction of taxpayer damages.

Other Articles to Read:

736K self-insured Florida residents to get rebate

30-year FRM hits record low at 3.66%

Gainesville Short Sale Agents Rent To Buy Scheme

Gainesville Short Sales – Why Don’t I Just Let the Bank Foreclose?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Short Sale Guidelines Keep Gainesville Homeowners Happy

Short Sale Guidelines Keep Gainesville Homeowners Happy

Short sales are rising this year and it will eventually rise because of federal regulators who manage Fannie Mae and Freddie Mac. They made paperwork more efficient and offered an option to second-lien holders up to $6,000 to accelerate the process of short sale as announced by Federal Housing Finance Agency months ago. Fannie Mae and Freddie Mac will not even require records from borrowers who have missed paying loans; have small credit scores, or those who are struggling financially.

Of course, there are borrowers who pay up-to-date. These people will be given more time to process their short sale and also those who are facing difficulties like divorce, employment layoff, death in the family, disability, and others.

People from the military are quite lucky because they are automatically entitled for short sales even if they have existing mortgages, and they will be excused from insufficiency of payments if ever.

Homeowners who have enough income are invited to contribute funds to cover a fraction or all the part or the entire deficit among the outstanding loan balance and the home prices.

Days ago, the new guidelines set by National Association of Realtors have taken effect. It is connected to the guidelines that FHFA, Fannie Mae and Freddie Mac have set.

Guy Cedala, publisher of the trade publication Inside Mortgage Finance, told the Wall Street Journal that the $6,000 given to second-lien holders is not enough to halt a short sale. However, NAR added that with this it will allow families to avoid foreclosure. Short sale will also help the real estate market by alleviate the home values and keeping the neighborhoods busy while recovering.

Other Articles to Read:

Possible Outcomes If your Short Sale Approved

Preparing for a Gainesville Short Sale

Amount of Home Loans Increased as Rates Slides Downward

Gainesville Short Sale Cost

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

High Achievers in FICO credit scores

High Achievers in FICO credit scores
Several potential homebuyers got frustrated because the standard for mortgage lending has become tougher, however most admired credit scores nowadays exposed some conducts of high-fliers that possessed FICO scores over 785.

San Jose, Calif-based Fair Isaac Corp.mentioned that people who occupy this population are about 50 million, a total of about a quarter of all who have credit scores. These individuals are believed to be high achievers and have comparable credit behaviors in spite of different background. Some predictable credit behavior is that they don’t exploit the use of their credit cards, kept little rotating balances comparable to what their presented credit, and are consistent about paying. On the other hand, they are not debt-free. They usually own seven credit cards with open and closed accounts. 1/3 of them have balances on nonmortgage accounts.

However, almost none has an overdue account. 96% have credit reports that do not have overlooked payments, and those who have one have already settled their accounts way back approximately a span of four years ago.

FICO scoresrun from 300 to 850 usually used by creditors to measure credit risk and the probability that a borrower will recompense a loan. The credit score can determine how much is offered to the lender and the period it will cover; a greater credit score can influence the amount that definitely will save thousands of dollars over the course of the loan.

Since last September, Ellie Mae Inc.reported a standard credit score of 750 with lenders paying an average of 22 percent. Moreover, applicants with FICO score of 704 were denied.

Fannie Mae and Freddie Mac gave an average FICO score of 762 in order to be considered eligible for purchasing mortgage, while loans with scores 701 on FHA-backed purchase.

The FICO scoreis calculated using the person’s payment history, and how he/she managed his/her credits responsibly as time gone by. An example is, by compensating monthly at least the least amount of all credit cards.

A person’s FICO score can be a roller coaster ride depending on his mood to make payments. By law, most negative data are removed from credit reports after several years of establishing a good track record.  However, this does not apply to tax liens or bankruptcy as stated in Chapter 7.

With a challenging economic period, these high achievers are not perfect but are usually consistent in paying. It is good news and it’s never too late to go up again if you are plunging downwards.

Other Articles to Read:

Wells Fargo got the Case, Mortgage brokers are to be blame

Increase in prices saved millions of Homeowners across America

Amount of Home Loans Increased as Rates Slides Downward

When Can you Own a Home Again After Foreclosure?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Short Sale Listing Agent’s Common enemy

Who is the Short Sale Listing Agent’s common enemy? Is it the lender, the negotiator, or the market? Well…none of the above. The common enemy of the listing agent is the BPO (Broker’s Price Opinion) as requested by the short sale lender.

In order to have the BPO, it is requested either by the short sale lender or the servicer. Sad to say, the listing agent has no power over who’ll choose to prepare the BPO.

In sending the short sale package to the short sale lender, the package is placed to the loss mitigation systemand that is when a BPO is ordered. Along with this, an appraisal may also be needed as determined by the lender. The requirements along with the BPO depend on the note holder and the amount of loss there is. It can be accompanied by an appraisal, BPO only, or two BPOs.

Like Fannie Mae and Freddie Mac, they entered into a deal with a huge BPO company to do the work of their BPOs for the short sale notes that they own. With this, the servicers will not need to worry about ordering BPOs. Herewith, the short sale processis shortened, but can affect the seller and the listing agent.

Most agents want to have a BPO immediately so that price will be up when the property will be listed. This is mostly done in theory but too seldom in practice. The problem would then be if a BPO is old, the listing will stay on the market for quite some time.

As for Fannie Mae and other note owners, their short sales are now required to have a BPO and an appraisal if the loss mitigation is greater than $125,000. Some agents perform this in anticipation of getting the listing when it is an REO. But it is doubtful for a lender to give a particular agent the listing should it become an REO. There are also agents that turn ordered BPOs and are bringing considerable income, but usually this is not the case.

Other Articles to Read:

Gainesville Short Sale Cost

Why it is Important to Understand the Short Sale Process

Options To Prevent Gainesville Foreclosure when Unemployed

Fraudulent Short Sales and Passing the Hardship Test

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville – Principal Loan Reduction

Gainesville – Principal Loan Reduction

Last Thursday, eleven Democratic Attorney generals sent a letter to the Federal Housing Finance Agency (FHFA) requesting for an abrupt implementation of principal loan reduction by GSE- related mortgages.

The letter was addressed to the agency’s acting director, Edward DeMarco. It argues that principal forgiveness could not shake the financial stability of Fannie Mae and Freddie Mac, and it could even save as much as $1.7 billion.

DeMarco announced last week that it is possible that FHFA would come up with the mortgage principal forgiveness plan come this April. FHFA is currently in the process of making evaluations for added incentives from the Treasury Department so as to write-down the loan principal under the Home Affordable Modification Program – HAMP.

However, after the preliminary analysis have been released last Tuesday, mortgage policy analyst has have contradicting expectations on principal loan reduction by Fannie Mae and Freddie Mac.

The letter further stated that the incentive payments to investors in return for allowing forgiveness under the Home Affordable Modification Program – HAMP have been increased and because of this, concerns on the potential impact on the financial stability of GSEs should lessen. It added that principal forgiveness programs will greatly help borrowers, communities, and the creditor’s revenue.

The Attorney Generals highlighted that in the past five years, more than five million people lost their homes due to foreclosure. They also emphasized that Fannie and Freddie Mac, having owned the majority of the nation’s home loans, should lead the move on loan modifications so as to uplift the general housing economy and not serve as hindrance.

It was the Attorney Generals of California, Delaware, Illinois, Iowa, Maryland, Minnesota, New Mexico, New York, Oregon and Vermont who have signed the above-mentioned letter.

This is the second letter sent to DeMarco within the past two months. The letter added more facts to the first letter sent and is now supported by 10 more attorneys general, proving a growing consensus around this issue.

We remember that last February, the attorney general of Massachusetts, Martha Coakley, urged the FHFA to allow for principal loan reduction to increase loan modifications and help strengthen the housing economy.

This could help Gainesville Homeowners facing foreclosure work out options to stay in their home. We will need to watch the outcome closely!

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents