Archive for category Mortgages
Fannie and Freddie Set Timeline Requirements for Short Sales
BY: CARRIE BAY Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to [...]
Dodging a bullet on home transfer fees
February 11, 2011 04:30PM By Kenneth R. Harney Thousands of homeowners associations and condominiums around the country just sidestepped a potentially costly problem: Earlier this month, a federal agency backed off its controversial plan to make obtaining mortgages in their communities much more difficult, and to dry up a key source of revenue that associations [...]
Reserve Funding
January 30, 2011 – DavisSterling.com Newsletter By Adams Kessler PLC I received a lot of inquires about last week’s feedback concerning Bank of America’s refusal to lend money to buyers of units in the reader’s association. The BofA representative told him the bank would only lend in HOAs with reserves that were 100% funded. The [...]
CAI Takes Action on Mortgage Regulations
In 2011, a host of federal agencies will be issuing regulations that will create Qualified Residential Mortgages (QRM). These regulations are required under provisions of the Financial Services Reform Act passed in 2010. Under a provision titled “Risk Retention,” lenders will be required to retain an ownership interest in each mortgage they lend unless the mortgage meets the [...]