Real Estate

[video] Here are 3 upcoming changes to mortgage finance

United Wholesale mortgage explains HARP replacement

In his video for September, Mat Ishbia, United Wholesale Mortgage president and CEO, talks about three upcoming changes to the mortgage finance industry.

Among those three things is the upcoming replacement for the Home Affordable Refinance Program.

The Federal Housing Finance Agency recently announced it extended HARP until Sept. 30, 2017 in order to create a smoother transition period for a new refi product it is planning to launch toward the end of 2017.

“They’re calling it their Hi LTV Program, which basically is gonna replace HARP, but it’s even better,” Ishbia said.

Some of the benefits to the new program, according to Ishbia, will include:

1. Reduced monthly P&I payment

2. Lower interest rate

3. Shorter amortization term

4. Arm to a fixed

Ishbia also talks about Fannie Mae’s new data validation plan.

“It’s gonna make the lending process easier,” he said. “They’re really spending a lot of time and a lot of money into their technology that’s going to make it easier for all of us.”

After  unexpectedly announced a delay to the latest update to its Desktop Underwriter program back in June, Fannie Mae announced the implementation of Desktop Underwriter Version 10.0 is scheduled for the week of Sept. 24, 2016.

Lastly, Ishbia talked about the new 10-03 that’s coming out in 2018.

Fannie Mae and Freddie Mac announced a redesigned Uniform Residential Loan Application, the standardized form used by borrowers to apply for a mortgage loan.

“It’s a redesigned format, a redesigned look,” Ishbia said.

Click the video below to watch.

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