FNMA News

Fannie Mae
Don't forget DU goes to 7.0 update this weekend so make sure you have all your loans already ran through DU as accurately as possible so you won't ran the chance of loosing your approve eligible

Agency News

Fannie makes two announcements see attached bulletins. These are all good signs that maybe things are getting better?
08-10 Announcements: National Down Payment Policy Replaces Maximum Financing in Declining Markets Policy
08-11 Announcement: Jumbo-Conforming Mortgage Loans – Expanded Eligibility and Products
https://www.efanniemae.com/sf/guides/ssg/2008annlenltr.jsp?from=hp

Mortgage News

Freddie CFO: says GSEs are gaining market share and raising prices amid shakeout

http://money.cnn.com/news/newsfeeds/articles/apwire/2f34a166a4c23f668c25f8b2b0354b4f.htm

Mortgage New May 20, 2008

Check this article out from the New York Times. NYT thinks this is a Housing legislature deal that the Bush Administration will also approve.
http://www.nytimes.com/2008/05/20/business/20housing.html?_r=1&ref=business&oref=slogin "Senate Leaders Agree on Housing Aid"

Agency News

FHA expands the FHA Secure Program. See attached Mortgagee letter and chart. Secure may help more borrowers now.


http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-13ml.doc

Mortgage News May 9, 2008

Are you prepared for the questions your borrowers may ask you?
What to ask your next mortgage broker
http://money.cnn.com/2008/05/02/real_estate/gandel_your_next_broker.moneymag/

May 5, 2008 Agency News

You are reading key updates from Freddie Mac Today's News... In today’s special Single-Family Seller/Servicer Guide (Guide) Bulletin, we are announcing updates to our requirements for mortgages with maximum LTV, TLTV, and HTLTV ratios equal to or greater than 95 percent that are secured by properties located in areas where property values are declining. In addition, we are amending our requirements for Freddie Mac-owned no cash-out refinance mortgages and Streamlined Refinance Mortgages that are exempt from our maximum financing requirements.
We encourage you to review today’s Guide Bulletin, which details the updates described below. With this Bulletin, we are:
Announcing that for Loan Prospector® Accept purchase and no cash-out refinance mortgages with maximum LTV/TLTV/HTLTV ratios equal to or greater than 95 percent secured by properties located in a market with declining values, you are not required to reduce the maximum LTV/TLTV/HTLTV ratios below 95 percent provided that certain requirements are met. As a result of this change, for mortgages secured by properties located in a declining market that meet the criteria outlined in the Bulletin and have maximum financing of 95 percent LTV/TLTV/HTLTV, you do not need to reduce maximum financing. For mortgages with maximum financing of 97 percent LTV/TLTV/HTLTV, the maximum financing only needs to be reduced to 95 percent. This change is effective immediately.
Allowing closing costs, financing costs, and prepaids/escrows to be included in the new transaction for Freddie Mac-owned no cash-out refinance mortgages and Streamlined Refinance Mortgages that meet the requirements to be exempt from our declining markets requirements. This change is effective for mortgages with Freddie Mac settlement dates on or after February 21, 2008.
We are also reminding you that FHA/VA Mortgages, Section 184 Native American Mortgages and Section 502 Guaranteed Rural Housing Mortgages are exempt from our maximum financing requirements in declining markets, but they must meet the requirements of Chapter 35 of the Guide.
In addition to the updates announced in our Bulletin, we are also recommending use of OFHEO’s Indexes for Homes not in Metropolitan Statistical Areas (MSAs) to improve identification of declining markets and assist you in determining whether a reduction in maximum financing is necessary for properties located outside of an MSA. When using this Index, you must follow the same guidance we provided in our February 21 Guide Bulletin for using OFHEO’s House Price Index when identifying declining markets in an MSA.
Get More InformationFor additional details on these changes:
Read our May 2 Guide Bulletin.
See a summary of all of our recent pricing and credit changes.

Mortgage News May 5, 2008

I noticed this article is still indicating that Fannie and Freddie are gong through with the new appraisal changes that will drastically change the way we do business now.
"U.S. moves to insulate appraisers from pressure to cook the numbers"
http://www.signonsandiego.com/news/business/20080504-9999-1h04appraise.html

Good article from the Washington Post summarizing all the new changes. It doesn't mention that next month DU will be tightening up.
"Restrictions Are the Rule For All Sorts of Once-Easy Credit"
http://www.washingtonpost.com/wpdyn/content/article/2008/05/02/AR2008050201690.html

This was an article in the Los Angeles Times, that can help consumers understand the importance of good credit scores. You may want to share it with your customers
"Credit score still vital to qualifying for a mortgage"
http://www.latimes.com/business/la-re-lew4-2008may04,0,1879708.story

Mortgage News May 2, 2008

This could make things worse for our industry check this article just released on Reuters and see what you think.
"House panel passes sweeping mortgage aid bill"
http://www.reuters.com/article/ousiv/idUSN0144028220080501


"The Mortgage Meltdown's Dirty Secret"
Joshua ZumbrunFannie,
http://www.forbes.com/business/2008/05/01/mortgages-financial-education-biz-beltway-cx_jz_0501homebuyers.html

Freddie reforms could gain momentum
http://money.cnn.com/news/newsfeeds/articles/apwire/88cf8039f3331630d91886b225e67e7e.htm

Agency and Mortgage News

It really doesn't seem to be helping but did you notice the fed's cut the rate. See article from New York Times..
"Fed Cuts Rate but Hints About a Pause"
http://www.nytimes.com/2008/05/01/business/01fed.html?_r=1&th&emc=th&oref=slogin


HUD issues Mortgagee letter 2008-11 giving more feed back on Non Traditional credit and insufficient credit.
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-11ml.doc