Fannie Mae has upgraded its economic outlook for 2020, saying it expects the economy to get a big boost from growth in the housing market. Fannie Mae’s Economic and Strategic Research Group said in a report this week that housing helped the economy to grow in the third quarter of 2019 for the first time
Fannie and Freddie introduce new standard mortgage application form
October 29, 2019 by
Fannie Mae and Freddie Mac say their redesigned mortgage application form came into effect last week. The new form removes certain questions over applicant’s language preferences and housing counseling information. The Uniform Residential Loan Application is a standardized form that needs to be completed by most borrowers when they apply for a mortgage. Last weeks’
Fannie & Freddie allowed to retain their profits
October 3, 2019 by
The government says Fannie Mae and Freddie Mac will be allowed to retain $45 billion worth of their earnings this year, as part of a plan to help the government-sponsored entities return to private ownership. The vast majority of Fannie’s and Freddie’s profits have gone to the U.S. Treasury Department ever since they went into
White House proposes to end conservatorship of Fannie and Freddie
September 9, 2019 by
U.S. President Donald Trump’s administration last week put forward several proposals aimed at modernizing the Federal Housing Finance Agency and ending the federal government’s decade-long conservatorship of the government-sponsored enterprises. The proposals came following a demand from President Trump that responsible agencies come up with some meaningful reforms to the system, in order to reduce
Fannie Mae: Expect 2 more interest rate cuts this year
August 23, 2019 by
Mortgage servicing giant Fannie Mae says it expects the Federal Reserve to make two more quarter-point interest rate cuts before the end of the year, most likely in September and December. If so, the cuts would likely result in lower mortgage rates for the remainder of this year, Fannie Mae officials said. Fannie Mae’s Economic
Redesign of standard mortgage application form is delayed
August 13, 2019 by
Fannie Mae and Freddie Mac say that proposed changes to the standard mortgage application form may be delayed. The changes to the Uniform Residential Loan Application form were announced three years ago and due to come into effect from February 1, 2020. But the new form could now be delayed, as the Federal Housing Finance
Most consumers don’t know what it takes to qualify for a mortgage
June 14, 2019 by
Many consumers have misconceptions about what it takes to secure a mortgage, so much so that some won’t even try to apply for one as they believe they won’t qualify. Consumers often overestimate the minimum credit score and down payment that’s required to obtain a mortgage, even though such information is readily available online. They’re
Fannie and Freddie automate mortgage applications for self-employed workers
March 19, 2019 by
Self-employed and freelance workers should find it easier to apply for a mortgage thanks to a newly automated system created by Fannie Mae and Freddie Mac. Previously, many self-employed and freelance workers have struggled to qualify for a mortgage, as they need to provide a ton of additional paperwork to prove their incomes. The process
Fannie Mae provides guidance for mortgage issuers
January 6, 2019 by
Fannie Mae has issued guidance to lenders this week, explaining how they can continue to originate mortgages during the government shutdown. The guidance is necessary because verification of employment, social security numbers and other details could be troublesome at this time, officials said. The partial government shutdown has now been ongoing for 14 days, and
Fannie Mae & Freddie Mac announce foreclosure moratorium for Xmas
December 13, 2018 by
Fannie Mae and Freddie Mac, the government sponsored mortgage servicing giants, have both announced a nationwide suspension of eviction lockouts on foreclosed homes for the duration of the Christmas and New Year holidays. The moratorium on foreclosures will run from December 17 to January 2, and will apply to any foreclosed occupied home that’s owned
