Change is a word we are getting all too familiar with. So, what is the skinny on the upcoming changes? Some of the changes are positive and some are negative. The challenge is in the fact that, once again, Fannie Mae and Freddie Mac do not fully align.
The first point worth mentioning is the implementation date. Fannie Mae’s changes required implementation with new applications since Jan. 1, 2024. Meanwhile, settlement dates must implement Freddie’s changes as of April 1, 2024. For those that are unfamiliar with the term “settlement dates,” that means the loan must be purchased by Freddie by April 1. As you can see, just within the implementation dates, how that makes rolling out the changes a bit of a challenge. I will add that both may be implemented prior to the implementation date.