Fannie Mae, the mortgage giant, will begin requiring electronic lock boxes on their listings. This means that showing agents will use these boxes instead of the current practice of push button lock boxes.Some may ask, "so what?" Foreclosure properties are occasionally mistreated by real estate agents - some will or let their buyers pull up carpet and move/destroy things you wouldn't do in a normal house. Others will show these homes without permission or go back many times without informing the agent, which is … [Read more...]
A Mortgage Modification in Just 7 Days!
April 27, 2011 by Leave a Comment
The Program For the past several weeks the Minnesota Home Ownership Center has been piloting an innovative program with Fannie Mae that offers a new and more efficient way for Minnesota homeowners with Fannie Mae loans to access assistance. This program, known as the Fannie Mae Partnership, builds on the strengths of the Homeownership Advisors Network (statewide counseling network) and maximizes the relationships Fannie Mae has with servicers. Dedicated Fannie Mae staff that office at the Minnesota Home … [Read more...]
We Need a New GSE: Please Welcome Fattie Mae
January 15, 2009 by 1 Comment
Every day there is a new article on the housing crisis and every day there's a new offered solution. Since everyone else is doing it, I figured it's time for me to throw my idea into the ring: My Idea: The U.S. Government should set up another Government Sponsored Enterprise (GSE) charged with providing liquidity and stability to U.S. housing's jumbo mortgage market. Jumbo mortgages are necessary on loan amounts above $417,000 to $625,500 depending on the affordability of homes in each market. If we look back … [Read more...]
Declining Market Appraisals – The End of 100% Financing
January 2, 2008 by 1 Comment
More and more, I am hearing about appraisals that are coming back with notations from the appraiser that the property is in a "declining market." Unfortunately there is no set-in-stone definition for what is or is not a declining market. What's come up in my experience is either the pricing of comparables has fallen considerably or the days on market is more than 6 months. In these situations, the amount that the buyer would be able to borrow to purchase the property is reduced by 5% from the maximum allowed … [Read more...]
