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Lately, Fannie Mae and Freddie Mac have been in the news every day as economists and lawmakers question the future of conforming mortgages. But among everyday Americans, a more common question is: "What is a conforming mortgage?" A conforming mortgage is one that adheres to the mortgage guidelines set forth...
Four times annually, the Federal Reserve surveys 84 banks around the country about general lending standards and banking conditions. One of the survey questions asks about current mortgage lending standards and whether it's getting harder, or easier, to get approved for a home loan. Modified from the report, we see...
Effective October 1, 2008, Fannie Mae is making home loans more expensive for Americans. You may want to bookmark this page because where Fannie goes, Freddie often follows. The first part of Fannie's two-part change is a remodel on its risk-based fee structure, also known as loan-level pricing adjustments. The...
We all have a different definition of fun. For me, it's taking the weekend to do some light reading. Specifically, Freddie Mac's 1,394-page filing with the SEC. Hold your laughter -- mortgage market insight is a major reason why my clients love to have me on their side. The SEC...
There were two news pieces written on FHA home loans today. Separately, they're interesting but uneventful. Together, they could be a harbinger of tougher times ahead for two groups: Home buyers that use FHA financing American taxpayers that fund the FHA The first FHA story was front page in the...
Fannie Mae's new mortgage guidelines rightfully scrutinize buyers and owners of condominiums. Since late-2007, mortgage markets have a new emphasis on collateral, or the value of the underlying property, and in a condo building, collateral can be wiped out for reasons beyond the borrower's control: Foreclosure-like sales prices in a...
This weekend, Fannie Mae is overhauling its mortgage approval system. Earning an "Approve/Eligible" is going to be decidedly tougher than in the past. For home buyers that have been in the market since January, this is not news; Fannie has been steadily trimming its serviceable market. Its changes were like...
UPDATE (August 4, 2008): Fannie Mae updated its loan-level pricing adjustments. This post is no longer valid. It has been updated at The Mortgage Reports. You keep hearing (and watching) me say that mortgage rates are down, but that not everyone is eligible for the lower rates. This chart should...
Mortgage rates have been trending lower for the last months or so. Unfortunately, most people can't take advantage -- government-sponsored mortgage financiers have added mandatory mortgage fees that negate the discount. It's like buying an item on sale, but having to pay twice the sales tax. If you're not saving...
There's a myth legend in certain circles called the Sports Illustrated Cover Jinx. It goes like this: You're a story worth covering Sports Illustrated makes you its cover story The jinx begins and you fall from grace If you're under the age of 30, you probably know this jinx better...
For mortgage lenders, credit scores are a terrific predictor of whether a homeowner will pay on a mortgage. The lower the credit score, the less likely the homeowner will pay the mortgage on time. To protect their portfolios from the riskiest borrowers, therefore, mortgage securitizers Fannie Mae and Freddie Mac...
For the first since the dotcom era, the words "March First" will be associated with excess and speculation. Effective March 1, 2008, conforming mortgages will carry new fees designed to shield Fannie Mae from further weakness in the housing sector. This news comes from Fannie Mae's lender-specific Web site. The...
Conforming loan limits will be higher in 2006. Conforming mortgages are so named because they "conform" to rules of the government agencies that buy mortgage loans from mortgage lenders. Those agencies are named Fannie Mae and Freddie Mac. The limits exist to help Fannie and Freddie limit their overall exposure...
