Powered by Google

Search form

Mortgage Acts and Practices

Mortgage Acts and Practices
  • On Oct. 20, Fannie Mae will tighten some of its underwriting standards for condo buyers and home owners wanting to refinance. The changes have some in the industry concerned.

  • Banks are requiring home buyers to come with higher credit scores and down payments to get approved for a loan, according to new national data.

  • Communities that have outgrown a 38-year-old definition of "rural" will continue to be eligible for mortgage assistance while the federal Rural Housing Service transitions to a new way of tracking population and income changes.

  • In the past 25 years, the mobility rate in America has steadily declined. Last year only 12 percent of the population moved, a troubling economic indicator.

  • Distressed homes sometimes need a lot of work, and so more lenders are offering loan options to help home owners or investors rehab the properties.

  • Republican presidential contender Mitt Romney released a 6-page white paper on housing policy, but he did not include specifics on how his administration would tackle the five areas he's targeted for action.

  • At a press conference he held last week to announce the MBS purchase plan, Federal Reserve Chairman Ben Bernanke said tight underwriting standards, which are keeping otherwise creditworthy households from getting financing, are in fact easing.

  • The FHFA is proposing charging more for mortgages in these five states because it takes longer for banks to foreclose in these places.

  • Fannie Mae announced that it will no longer be using third-party vendors and sales teams to help manage its REO properties. However, the GSE says it does still plan to use real estate professionals to market properties.

  • The Consumer Financial Protection Bureau (CFPB) is writing rules that can have an enormous impact on real estate.