http://online.wsj.com/article/SB125486796534968995.html?mod=rss_whats_news_us_business
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Showing posts with label fannie mae. Show all posts
Showing posts with label fannie mae. Show all posts
Tuesday, October 6, 2009
Fannie, Freddie to Aid Mortgage Banks
Fannie Mae and Freddie Mac are preparing to introduce a program aimed at helping independent mortgage banks acquire the short-term credit they need to make home loans.
Fannie, Freddie to Aid Mortgage Banks
Fannie Mae and Freddie Mac are preparing to introduce a program aimed at helping independent mortgage banks acquire the short-term credit they need to make home loans.
http://online.wsj.com/article/SB125486796534968995.html?mod=rss_whats_news_us_business
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This article was sent using my Viigo.
For a free download, go to http://getviigo.com
Sent from my Verizon Wireless BlackBerry
Tuesday, August 18, 2009
Fannie Mae Policy Changes
New guidlines from Fannie Mae and Freddie Mac may have impact on how long it will take to close on a house.
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
Fannie Mae Policy Changes
New guidlines from Fannie Mae and Freddie Mac may have impact on how long it will take to close on a house.
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
How long does it take to close on a home from time of contract to close of escrow? 2 months . . . .4 months. . . . .6 months? Even though there are some new and positive guidelines for Fannie Mae and Freddie Mac, these new requirements will most likely lengthen this time frame. I also see more confusion in the real estate market and finance industry. Let’s try and put some light on these new changes.
One of the new requirements is banks, mortgage companies or lenders are required to receive a copy of a real estate purchase contract and all addendums associated with the contract prior to completing an appraisal report. Why this wasn’t a guideline from the beginning is beyond me. Any amendments to the purchase contract prior to the appraisal must be submitted to the appraisal company immediately.
Multiple appraisals can no longer be provided on a single parcel. In other words, the appraisal company cannot appraisal part of a parcel. They have to appraise the “entire” parcel.
REO and foreclosed properties MUST be included as comparable properties. Previous guidelines allowed the appraiser to exclude these numbers.
Third party appraisal companies who are at “arms-length” from a transaction must verify and approve any appraisal completed by someone that might have a financial interest in the subject property. It seems apparent this should have always been a guideline?
Any structural defects or abnormal repairs found with a property must be corrected before an appraisal company finalizes the market value of a home or parcel. FHA created the 203K loan to address these concerns.
If management in the appraisal company has an “employee” complete an appraisal, before management or a review appraiser can sign off on the appraisal, they must complete their own inspection on the property. Management cannot depend solely on the “employees” expertise.
The revised Home Valuation Code of Conduct applies many changes within the industry and was meant to stop improper influencing of values as well as protect the consumer. These changes although somewhat positive will most likely add additional delays to the transaction.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
Monday, August 10, 2009
Fannie Mae Posts Loss, Freddie Mac Posts Gain
Fannie Mae announces that it lost $14.8 billion dollars in the second quarter of 2009. Freddie Mac posts gain of $768 million.
Because of the $14.8 billion dollar loss in the second quarter of 2009, Fannie Mae had to ask the for $10.7 billion dollars to stay solvent. Freddie Mac, however was able to finish in the black for the second quarter after posting a $768 million dollar gain. Read the Full Story Here.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Because of the $14.8 billion dollar loss in the second quarter of 2009, Fannie Mae had to ask the for $10.7 billion dollars to stay solvent. Freddie Mac, however was able to finish in the black for the second quarter after posting a $768 million dollar gain. Read the Full Story Here.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Fannie Mae Posts Loss, Freddie Mac Posts Gain
Fannie Mae announces that it lost $14.8 billion dollars in the second quarter of 2009. Freddie Mac posts gain of $768 million.
Because of the $14.8 billion dollar loss in the second quarter of 2009, Fannie Mae had to ask the for $10.7 billion dollars to stay solvent. Freddie Mac, however was able to finish in the black for the second quarter after posting a $768 million dollar gain. Read the Full Story Here.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Because of the $14.8 billion dollar loss in the second quarter of 2009, Fannie Mae had to ask the for $10.7 billion dollars to stay solvent. Freddie Mac, however was able to finish in the black for the second quarter after posting a $768 million dollar gain. Read the Full Story Here.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
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