With the new URLA behind us…along comes the next major change in residential lending. Fannie Mae and Freddie Mac (aka the GSEs) have provided an update on the new URAR. Yes, the Uniform Residential Appraisal Report is undergoing some major changes. Here are just a few highlights: Input was gathered from 107 stakeholders across the industry in designing the new form. The key benefits of the new form are: Dynamic output with commentary placed within each …
With rates going up, refinance volume quickly heading south and originators looking for the next shiny thing, we are bound to see movement in the industry. That means mergers, buyouts and some companies closing. Migrating originators can be a tricky challenge for the next employer. There are two issues that may surface; who owns the customer and how were the originators compensated? I’ll save the former for another time. Last week I received a call …
With the pandemic pointing toward endemic, it’s a relief that the GSEs are starting to look at removing some of the COVID-related guidelines. Self-employed borrowers may find it a bit easier to qualify for a mortgage now…,just in time as rates head up. Fannie Mae just released an update effective today, February 2, 2022. There is a summary at the end of the announcement. Remember, the devil is always in the details.
As someone who has followed this topic for many years, with many debates, I’ve heard it all. Just today, posts on Facebook brought it up…again! What’s different now is a few weeks ago, I decided to get reliable information from a reliable source. To help clear up the confusion, I am sharing below some of what I have known and some of what I have learned. State and federal governments rely on revenue to function. …
Ahhh…another industry change while volume is at an all time high! Just what we need in 2021! We started talking about the new URLA in 2018; and then it changed…and then it changed again. Finally! After several years of the GSE’s designing formats, revising (adding and deleting) data points, and changing implementation dates…March 1, 2021 is upon us. So is…the URLA, the URLA-Additional Borrower and the Lender Loan Information. Bye-bye Co-Borrower! By now you probably know that …