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- FHA Mortgage Insurance: Big Changes On the Way, And Not For the Better
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Fannie and Freddie to Increase Loan Fees
Fannie and Freddie are once again increasing loan fees. Though this latest change will certainly have an adverse impact on mortgage rates and costs, at least it’s a relatively small increase and will likely have little noticeable impact for mortgage borrowers. Continue reading
Are Mortgage Lending Standards Loosening?
The Wall Street Journal asks and answers this question in the same article this week – and the answer is a definite “no”. According to the article, the average borrower in February who refinanced with a conventional Fannie Mae or Freddie Mac loan had a credit score of 770. Continue reading
Posted in Mortgage Lending
Tagged conventional, credit standards, Fannie Mae, FHA, lending standards
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Bank of America Clash With Fannie Intensifies, Is Another Taxpayer Bailout in the Offing?
My apologies for getting it wrong when I wrote last week that Bank of America broke up with Fannie Mae – actually it appears Fannie Mae was the one who dumped Bank of America over bad mortgage loans. According to Bloomberg, mortgage insurers have rejected around 25% of soured mortgage claims, so Fannie is demanding that Bank of America make the GSE whole for the losses. Naturally, Bank of America isn’t too excited about doing that. Continue reading
Bank of America Breaks Up With Fannie Mae Over ‘Soured Home Loans’
Bank of America’s had a rocky relationship with Fannie Mae lately and has decided it’s time to put things on hold. Reuters is reporting that the bank is scaling back its relationship with Fannie Mae “because of a dispute arising from claims related to soured home loans, the bank said in a filing on Thursday.” Bank of America is still struggling under the burden of bad loans acquired in its shotgun marriage to Countrywide in the wake of the subprime bust. Continue reading
Temporary Payroll Tax Cut Continuation to Increase Mortgage Borrowing Costs
It looks like mortgage rates and costs are headed up thanks to the federal government’s policy of “robbing Peter to pay Paul” to fund a temporary payroll tax cut extension. Continue reading
Extension of Conforming Loan Limits Fails in Congress
So far, it doesn’t appear likely that an extension of the temporary conforming loan limit is going to make any headway in Congress. Continue reading
Bloomberg: Fannie Mae Conforming Loan Limits to Be Reduced in October
Bloomberg is reminding homeowners that the current conforming loan limit of $729,750 is to be reduced at the beginning of October. Continue reading
What are Loan Level Price Adjustments (LLPAs) and Why Do They Matter?
There probably aren’t too many mortgage borrowers that are familiar with the term loan level price adjustments, or LLPAs. They’re sort of an invisible part of mortgage financing, but they directly impact the interest rate and fees on a mortgage loan. If you’re a real estate investor, it’s important that you be familiar with LLPAs so that you can get the best mortgage financing value and maximize the ROI from your real estate investments. Continue reading
Posted in For Real Estate Investors
Tagged Fannie Mae, LLPA, Loan Level Price Adjustments
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Upcoming Loan Limit Changes Could Mean Significantly Higher Mortgage Rates for Many Borrowers
An upcoming change in the conforming loan limits could have a big impact on many high value real estate markets. Effective October 1, the maximum conforming loan limit will drop from the current $729,750 to $625,500. Continue reading
Fannie Mae Price Increases Mean Higher Rates For Many Mortgage Borrowers
Fannie Mae increased loan-level price adjustments, or LLPAs for a variety of mortgage scenarios at the beginning of the month, which means many mortgage borrowers with little equity and middle-of-the-road credit scores will see higher interest rates. Continue reading
