LIEB BLOG

Legal Analysts

Wednesday, September 19, 2012

Foreclosure and the Economy - Some helpful links

Foreclosure and the Economy - Some helpful links
Yesterday, we had a wonderful group of real estate agents attend our continuing education course, Foreclosure and the Economy.

During the class, we warned real estate agents not to negotiate with lenders directly unless they comply with the rules for Mortgage Assistance Relief Services and Distressed Property Consultant Contracts.

Here are some helpful links to comply:

Mortgage Assistance Relief Services: http://www.ftc.gov/os/fedreg/2010/december/R911003mars.pdf
Distressed Property Consultants:  http://codes.lp.findlaw.com/nycode/RPP/8/265-b
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Wednesday, August 29, 2012

The end of Fannie Mae and Freddie Mac is Coming

The end of Fannie Mae and Freddie Mac is Coming
Over a year ago, on February 11, 2011 the Obama Administration first announced the winding down of Fannie Mae and Freddie Mac in its Housing Report. The Long Island Education Board's blog on the report can be found by clicking here.

Now, the process continues as Treasury just announced steps its undertaking to expedite the process by modifying its Preferred Stock Purchase Agreement with the Federal Housing Finance Agency, the conservator of Fannie and Freddie. To read Treasury's Press Report, click here.

According to Treasury, new steps are being implemented to prevent Fannie and Freddie from retaining a profit and reentering the market in their prior form.

The takeaway is that the decentralization of mortgages is no joke and is coming. Get ready.
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Fannie Mae Selling Guide Updated

Fannie Mae Selling Guide Updated
Just this past week, Fannie Mae issued its Selling Guide with other updates. To see the guide, click here.

Two highlights from the Guide are as follows:

  1. Maximum LTV for ARMS are reduced from 97% to 90% with Desktop Underwriting & from 95% to 90% for Manual Underwriting. 
  2. Minimum credit score requirement is increased from 620 to 640 for manually written loans. 
These changes become effective on 10/20/12. 

If you are a mortgage banker, mortgage broker, or real estate salesperson; this guide is a must read.
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