Fannie, Freddie Tighten Some Mortgage Standards ☘ Hoey Team ☘ eXp Realty

Dated: April 3 2020

Views: 45

Fannie Mae and Freddie Mac announced Tuesday that they are offering several “loan processing flexibilities” but will in the meantime tighten other lending standards.

Realtor Magazine 2020 04 01 Freddie Mac and Fannie mae tighten up Mortgage Application regulations Hoey Team eXp Realty

For example, the two government-sponsored enterprises are changing the date requirements for income and asset documentation required in processing loans that they purchase. All income and asset documentation must now be dated no more than 60 days from the date of the mortgage note. Previously, that was set at 120 days.

The change was “to ensure that the most up-to-date information is being considered to support the borrower’s ability to repay,” Fannie Mae said in a statement.

Fannie Mae and Freddie Mac also announced changes to income verification requirements for self-employed borrowers that is a significantly tighter time span for reporting income than previously. A lender used to be able to verify a borrower with self-employed income no more than 120 days prior to the mortgage note date. That period has been moved up to just 10 days.

“Due to the impact the COVID-19 pandemic and the various social distancing measures implemented by different jurisdictions are having on many businesses across the country, sellers must now take additional steps to confirm that the borrower’s business is open and operating within 10 business days prior to the note date,” Freddie Mac wrote in guidance.

The GSEs also made changes to their policies on stocks, stock options, and mutual funds and how these can be considered as assets for a down payment or closing costs.

Fannie Mae and Freddie Mac noted these are temporary credit underwriting requirements that will be effective for mortgages with application dates on or after April 14. They will remain in place until May 17.

On the flip side, Fannie Mae and Freddie Mac have announced easing lending standards in several cases in light of the COVID-19 pandemic. They’re now permitting desktop appraisals on new construction loans, an expansion of the use of power of attorney and remote online notarizations, and a moratorium on evictions and foreclosures.

Access information from Freddie Mac on guidance to home sellers.

Access information from Fannie Mae on the changes for single-family sellers and appraisals.

Article content from our National Association of REALTORS (NAR) Newsletter Magazine, and from other sources including Fannie mae, Freddie Mac and Hoey Team ☘

NOTE for Buyers and Sellers: On our "VIRUS FREE" Hoey Team â˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed 3D VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS without any Coronavirus; COVID-19 worries right HERE: ? www.SWFLVRE.com  ? ?

For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

P.S. --> If You'd like for me to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details.  We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing:  https://barryhoey.exprealty.com/

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team ☘ and what we do to help or visit HoeyTeam.Net anytime.

Here is our informational Southwest Florida Website ☘

Barry is a CLHMS; Click Here to see how we help with higher end properties.

Please visit our Hoey Team ☘ Luxury Home Market Page by Clicking Here

Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one with as little loss as possible.

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  â˜˜

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at:  (239)-360-5527 

“Please Share this and our informational website with anyone who you think the info will help. 

Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim â˜˜

Blog author image

Barry & Kim, Hoey Team 🍀 239RealEstateDeals.Com LLC ☘

"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

Latest Blog Posts

📉 Mortgage Rates Fall for Fourth Week, Hitting 2.78% 🏡 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

With pandemic numbers rising again from some sources; it’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.MCLEAN, Va.

Read More

🚨 July 2021 📢 Just Released Market Report for Naples Area with information for all of Southwest Florida ☘ Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ SW FL 🌴

Hello,Barry & Kim with the Hoey Team ðŸ€ 239RealEstateDeals.Com LLC â˜˜ hope that you and yours are doing good; wherever you are located.Hot off the press please find

Read More

🏡 Yes, Florida Homeowners Are Listing Homes for Sale 🏡 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest Florida 🌴

Florida Realtors chief economist Dr Brad O'Connor:  More homes are being listed than you think.  Despite record-low inventory levels, the reason for current buyer frustrations isn’t

Read More

💎 LUXURY MARKET REPORT 💎 North America 🏰 Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Southwest FLA 🌴

Welcome to the Luxury Market Report for June 2021, your guide to luxury real estate market data and trends for North AmericaProduced monthly by The Institute for Luxury Home Marketing, this report

Read More