Understanding Today’s Connected Borrower

Sign up for this webinar to learn how to transform the borrower journey from transaction to relationship and gain a significant lift in production in today’s digital lending environment.

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

CEO of eXp World holdings addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

Should lenders look to non-QM when the refi boom slows?

Angel Oak shared with HW how non-QM lending could be an effective way for lenders to replace lost business in the event of a refi boom slowdown.

Mortgage

Fannie Mae and Freddie Mac will keep buying loans in forbearance through Sept. 30

Previous deadline was August 31

The Federal Housing Finance Agency announced on Wednesday that Fannie Mae and Freddie Mac would continue to buy qualified loans in forbearance until Sept. 30, extending the previous deadline of Aug. 31.

The GSEs will also extend other loan flexibilities initiated during the pandemic, including accepting alternative appraisals on purchase and rate term refinance loans, alternative methods for documenting income and verifying employment before closing, and expanding the use of power of attorney to assist with loan closings.

“Extending these COVID-19 flexibilities helps keep the mortgage market moving and borrowers safe during the pandemic,” said FHFA Director Mark Calabria.

The move was applauded by various mortgage industry groups.

MBA and its members appreciate FHFA and the GSEs extending these important features,” said MBA President and CEO Bob Broeksmit. “Both the origination flexibilities and the program to purchase loans in forbearance are providing important stability to the mortgage market during the pandemic, and today’s announcement will enable lenders to continue to make low rate mortgage financing readily available to consumers and avoid the inevitable credit tightening that would have resulted from their expiration.”

Fannie Mae and Freddie Mac began buying loans in forbearance in April. The number of loans in forbearance has fallen to 7.2% of total mortgage loans, the MBA reported on Monday, meaning about 3.6 million homeowners are in forbearance plans.

Leave a comment

Most Popular Articles

Here it is: First-time homebuyer credit legislation

The newest draft of President Biden’s first-time homebuyer tax credit has several significant restrictions. And it’s not a tax credit.

Apr 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please