Archive for the 'Ginnie Mae' Category
Appraisals must now be electronic, Fannie says
May 11th, 2010
Written by Frost Mortgage
Fannie Mae has begun mandating that appraisals be delivered by lenders electronically, according to National Mortgage News.
Lenders will have several options for providing the information according to MISMO standards (”the leading technology standards development body for the residential and commercial real estate finance industries, is a wholly owned subsidiary of the Mortgage Bankers Association”). Smaller lenders may upload PDFs or use the XML format using a Web portal, while larger lenders may work
directly with Fannie’s chosen technology provider, Veros Real Estate Solutions.
According to one analyst, “the migration to the newly adopted valuation standards will largely be invisible to the lending community on the origination side” but is expected to have significant impacts on secondary markets.
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Single loans will be open for securitization
April 28th, 2010
Written by Frost Mortgage
Smaller lenders will get a boost in July when Ginnie Mae begins insuring the securitization of single loans, as opposed to only the bundles it will insure now. Current rules favor the largest lenders, according to the Washington Post.
The FHA will also issue loans on a daily rather than a weekly basis.
Housing Secretary Shaun Donovan made the announcements at a conference hosted by the Mortgage Bankers Association.
According to the Post, “Ginnie Mae requires its lenders to have a net worth of at least $1 million. The announcement comes when the FHA will soon be making similar demands on the lenders it works with.”
As experts in the field of FHA loans, we pay close attention to these developments. Are you a Broker/Owner or Producing Branch Manager who is as interested as we are in these issues? If so, take a look at Frost Mortgage for net branch opportunities. We think you’ll find that our Branch Partner opportunities are the best in the business. We look forward to talking with you.
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