Fannie Flagg - Articles - Zimbio

“Keys to Recovery” - The Revision to Fannie Mae’s Down Payment Policy

Sun, 19 May 2008 15:12:36 GMT

posted by monty6712

Beginning June 1st, Fannie Mae will implement a revised National Down Payment Policy (to replace the “Declining Market” initiative implemented in December 2007). According to the policy, Fannie Mae will begin accepting up to 97% Loan-To-Value (LTV) ratios for Conventional, Conforming mortgages processed through its automated underwriting system, and 95% LTV ratios for loans underwritten outside of this system - for ALL geographic locations in the US. The former policy was based on local real estate market conditions. The new policy affects single-family homes used as primary residences, other investments will have varying policies.

The change comes after months of meetings from the National Association of Realtors (NAR), who claimed the former policy was discouraging potential homeowners from entering markets that were once labeled in a “declining market.” The “Keys to Recovery” initiative will hopefully help “to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover,” says Marianne Sullivan, Senior Vice President, Single-Family Credit Policy and Risk Management. For the complete Fannie Mae press release, click here.

Fannie Mae Approved Housing….Anyone know what that means?

Mon, 23 Oct 2007 02:57:57 GMT

posted by monty6712

A client of mine has been approved for a mortgage at 100%- Who’d a thunk with todays limiting loan options however that aside one of the conditions of the loan is that the property to be purchased must be “Fannie Mae Approved”..Since we have an offer in thats looks like it could be accepted (financing contingency lifted ) I thought I better check this out……

When I called the processor for the loan I was received with mystery and curiosity from the same company telling my client that this was required. They assured me everything would be fine but it struck me odd so clearly this isnt enough to stop me from looking into this for my client since once ratified there is no finance contingency… Why doesnt the company requiring this elaborate?

Does anyone know anything about what I am asking? I have posed the question to the selling agent and I have asked around the office but how do I ensure my customer is actually pursuing the purchase of a “Fannie Mae Approved” property and what does that mean? Im guessing there is a landlord versus owner ratio in there, but again… guessing.

Welcome to our blog about Fannie Flagg

Fri, 7 Apr 2007 00:51:22 GMT

posted by The_Zimbio_Team
This is our group blog, which is unique because any Zimbio member can post an entry to it. Some members blog about recent news and trends related to the portal topic, others recount relevant personal stories. You can also comment on and rate existing blog entries, to voice your opinion and to help the community identify which members and entries on the portal are must-reads. Got an interesting idea or story to share with other members of this portal? Well, then put on your journalist's cap and add your own blog entry!

Lollipops are for Children, not Adult Real Estate Agents!

Mon, 18 Sep 2007 18:21:56 GMT

posted by monty6712

This past Saturday while I was making history for the week (see my blog below) I had something funny (not really) happen that I wanted to share…

My tour started at 10AM sharp, I followed my buyers to a place they had preveiwed on line and now we were going in to see it. I clicked open the lock box- opened the front door, Ladies first, husband second and agent last. I escorted my buyers through the property- telling them what I knew about the place,neighborhood and city and offered to follow up with listing agent on anything we couldnt figure out. We went room for room.

Just about halfway through the tour another agent marches up the front step. She had parked us in and had her buyers in tow as she plowed forward. She rushed through the front door, took her lollipop out of her mouth, and exclaimed she had parked us in and how much longer would we be. As my jaw hit the floor I politely offered we would be another 10 minutes or so and went on with our preveiw. My clients gave me ‘a look’ and I realized at that point this tour was over regardless of the 10 minutes because of this other agents distracting, UNPROFESSIONAL behavior. this b ehavior doesnt only impact those youre working with directly but can effect those around you as well.

As we approached the end of our tour (walk through at this point) I realized the agent had moved her cars creating less of a reason to talk with her as we left however I noticed she was standing at the front door while her clients were in the back of the house inspecting the patio- She was to busy knawing on her lollipop to offer them any assistance.

Security heightened by NVAR

Mon, 18 Sep 2007 18:19:53 GMT

posted by monty6712

For those of us using Metropolitan Regional Information Systems, Inc. (MRIS), I have read this morning a new security measure is being implemented. I should be receiving my “fob” in the mail shortly. Apparently it will prevent unauthorized use of the MRIS system and provide that much more security on an already pretty secure system. Most can already access the listings portion of MRIS by simply going to almost all of the regional realtors websites and using their search engine functionality. So I’m not sure if this new device is a good or bad thing. Dont we all already have too many log in and passwords and security measures to contend with. Is this really going to make our systems that much better? I think they need to focus on a master login capability for all our Realtor systems instead of adding layer upon layer of access codes and security measures. UGH!