NAMB Applauds GSEs for Upcoming Changes – NMP Skip to main content

NAMB Applauds GSEs for Upcoming Changes

NationalMortgageProfessional.com
Oct 25, 2016
NAMB—The Association of Mortgage Professionals has announced that CEO Donald J. Frommeyer, CRMS, has decided to leave his position as chief executive officer of the association

NAMB—The Association of Mortgage Professionals has applauded recent announcements made by both Fannie Mae and Freddie Mac in regards to representation and warranty procedures. Reps and warrants are the rules under which the government-sponsored entities (GSEs) can require the repurchase of loans by lenders.

Fannie Mae will ease potential buyback requirements by lenders when a borrower’s income, assets and employment information are validated through Desktop Underwriting, its automated underwriting system.

Fannie Mae will also provide relief on appraisals when a qualifying score is received using Collateral Underwriting. Collateral Underwriting evaluates risk incurred by an appraisal. Property inspection waivers will be expanded for refinance transactions when using Desktop Underwriting.

The program is being called Day 1 Certainty, and while some features of the program are available now, the entire program is expected to become available Dec 10.

Freddie Mac has also made an announcement that it will be enhancing its Loan Advisor Suite to included expanded reps and warrants relief to lenders in 2017. Lenders that use Freddie Mac’s Loan Advisor Suite tools will be eligible for relief under new guidelines being tested currently.

“We commend Fannie Mae and Freddie Mac for making these adjustments that will help get more consumers into homes by decreasing cost and simplifying the process,” said Fred Kreger, CMC, NAMB president.

While NAMB does not believe that these changes will address every challenge being faced by the mortgage industry, they appear to be a step in the right direction.

Published
Oct 25, 2016
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021