Fannie Mae issued guidance today in their Lender Letters 2020-03 and 2020-04.
We have reviewed the information and produced a video of highlights for you.
We do not provide legal or investor advice. As with all transactions, please consult with your investor’s guidelines, compliance departments and underwriting standards and overlays.
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Every customer should receive a written analysis; it helps take emotion out of the equation. I do it for all my purchases and refinances. Yes, we have lots of long discussions, but hearing and seeing are two different things! The point of an analysis (particulary for refinances) is for a consumer to know the interest costs and principal reduction between a new loan and the original loan at it’s current balance. (you may need to …