Mortgage professionals can now access FICO’s Score Mortgage Simulator on the Xactus360 Verification Platform, the companies announced earlier this month. FICO announced the tool in October. It’s designed to simulate potential impacts to a consumer’s FICO score with hypothetical changes in credit report data. Examples include a potential borrower reducing their credit card balance or getting rid of a collection account.
Fannie Mae and Freddie Mac reported strong financial results for 2024, in what could be the last annual report for the enterprises under government conservatorship. Fannie Mae booked net income of just under $17 billion for the full year, about 2 percent below what it reported in 2023. In its statement, Fannie said last year’s performance was driven by guaranty fee income on its $4 trillion guaranty book of business, “consistent with the transformation of our business model that began well over a decade ago.”
Within days of the introduction of legislation to defund the Consumer Financial Protection Bureau (CFPB), the agency’s director was let go by President Donald Trump. Neither action was surprising to those paying attention to the new administration or the Republican-controlled Congress. The agency has been a point of contention in Congress since it was formed as part of Dodd-Frank in 2010.
As new President Donald Trump tapped a new director for the Federal Housing Finance Agency (FHFA), the agency has hit the brakes on a major initiative. Trump announced a few days before his January 20 inauguration that he was nominating Bill Pulte to lead FHFA. If confirmed by the Senate, he would replace Sandra Thompson, who resigned just prior to Inauguration Day.
The U.S. Treasury Department and the Federal Housing Finance Agency (FHFA) have amended the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac. The move was made “to help ensure that the eventual release of the GSEs from conservatorship will be orderly.” The new agreement contained two key provisions.
Federal inspectors are taking the United States Treasury Department to task for not doing enough to increase participation in the government’s Home Affordable Modification Program (HAMP) which helps keep homeowners out of foreclosure. Borrowers having trouble paying their monthly payment can apply for a HAMP for a loan modification that lowers their monthly payment. So far, 1.5 million homeowners have received HAMP modifications, about half as many as originally predicted by the Treasury. The department has repeatedly extended the program’s initial December 2013 deadline; HAMP iis now scheduled to expire in December 2016.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
On Friday, April 24, 2015 HUD announced some significant changes to its Distressed Asset Stabilization Program (DASP). These changes were made in an effort to better serve homeowners looking to avoid foreclosure, loan servicers will now be required to delay foreclosure for a year and to evaluate all borrowers for the Home Affordable Modification Program (HAMP) or a similar program.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
While driving to work virtually every day I hear numerous advertisements for borrowers to apply for or to apply for a mortgage modification. The general public and mortgage professionals are unaware of the rules in order to obtain a Home Affordable Modification Program mortgage loan.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.