Jun 05, 2023

Latest Updates from Freddie Mac and Fannie Mae: A Comprehensive Overview"

Recent updates from Freddie Mac and Fannie Mae. Stay informed about income assessment enhancements, mortgage assistance options for natural disasters, and more.

Fannie Mae's Selling Notice and Enhanced Condo Project Manager™

Fannie Mae recently issued a Selling Notice outlining the effective date for Main Living Area Photographs in Appraisals. This notice provides important guidelines for appraisers and property evaluations. In addition, Fannie Mae has enhanced its Condo Project Manager™ (CPM™) to streamline the loan application process. The enhancements include standardized CPM IDs, correspondent lenders' access requests, and improved Loan Delivery edits.

Mortgage Assistance and Disaster Relief Options

Fannie Mae emphasizes the availability of mortgage assistance and disaster relief options for homeowners and renters affected by natural disasters. Visit FannieMae.com to explore resources for immediate needs and learn about the support provided during challenging times.

Income Assessment Enhancements by Freddie Mac

Freddie Mac's Loan Product Advisor® (LPASM) has undergone enhancements to improve income assessment for homebuyers. Lenders can now include digital paystub data in addition to direct deposit information, enabling faster and more accurate income calculations. These improvements simplify the mortgage process and expand credit access for aspiring homeowners.

FHFA Membership in the Mitigation Framework Leadership Group

The Federal Housing Finance Agency (FHFA) has joined the Mitigation Framework Leadership Group (MitFLG). This membership signifies the agency's commitment to mitigating risks associated with natural disasters and supporting disaster recovery efforts.

Updates to the Partner Playbook for Credit Score and Credit Reports Initiative

Fannie Mae and Freddie Mac have updated the Partner Playbook for the Enterprise Credit Score and Credit Reports Initiative. The playbook now includes expanded FAQs, detailed information on revised score calculations, and access to a recording of the recent industry forum. Stakeholders are encouraged to provide feedback on the proposed timeline and implementation considerations.

Implementation of Area Median Incomes (AMIs)

Area Median Incomes (AMIs) for 2023 will be implemented in Desktop Underwriter® (DU®), HomeReady® APIs, Loan Delivery, and the Area Median Income Lookup Tool. Ensure you understand the implications of these changes for eligibility evaluations and loan-level price adjustments.

Upcoming Updates from Freddie Mac

Freddie Mac will roll out updates on June 8th to various tools, including Loan Product Advisor® (LPASM), Home Possible® Income and Property Eligibility Tool, Refi Possible® Income and Property Eligibility Tool, and the Area Median Income and Property Eligibility Tool. These updates incorporate new area median income (AMI) limits issued by the FHFA.

Monthly Appraiser Capacity Report by Freddie Mac

Freddie Mac publishes a monthly Appraiser Capacity Report, which provides insights into the number of appraisals submitted compared to the number of active appraisers. Stay informed by subscribing to Appraisal and Collateral Valuation news.

In conclusion, staying updated on program updates from Freddie Mac and Fannie Mae is crucial for anyone involved in the mortgage industry. These updates cover various aspects, such as appraisal guidelines, condo project management, mortgage assistance, income assessment enhancements, disaster recovery efforts, credit score initiatives, AMI implementations, upcoming tool updates, and appraiser capacity reports. By keeping abreast of these developments, you can make informed decisions and navigate the mortgage landscape more effectively.

Key Tags : Mortgage industry, Freddie Mac, Fannie Mae, Program updates, Mortgage assistance, Condo projects, Natural disasters, Homeownership, Income assessment, FHFA.

Key Hashtags: #mortgage #industrynews #FreddieMac #FannieMae #programupdates


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