"As the allegations against First American show, the mortgage industry’s dirty secret has been that banks exert tremendous pressure to extort appraisers." Shares of both Fannie and Freddie were rattled by the news, with Fannie dropping roughly 10 percent, and Freddie off about seven percent.
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Fannie Mae and Freddie Mac are quietly phasing in mortgage refinancing without the need for an appraisal. And home purchase loans might not be far behind.
The bailout of Fannie and Freddie saved the housing market, but the two are. owned or guaranteed about 40 percent of all home loans and helped so many. “The most amazing thing is that the housing market not only survived, The bailout gave fannie and Freddie the financial liquidity they needed to.
3.0 Mortgage Insurance Eligibility – Non AUS Dependent – Standard Guidelines. underwriting, all conditions necessary for the MI underwriting approval must be satisfied.. Fannie Mae Collateral Underwriter (CU) and Freddie Mac Loan.. National MI does not accept appraisal waivers based on Freddie Mac's.
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Waiving the Appraisal Some loan applications, including mortgages purchased by Fannie Mae and Freddie Mac, are run through an automated loan approval system that tells the lender the minimum.
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Borrowers must be current on their loans (one late payment permitted in past 12 months, none in past six) and the loan must have been sold to Fannie or Freddie on or before May 31, 2009. FHA-to-FHA Refinance Doesn’t Require an Appraisal You can also avoid the appraisal requirement If you do a streamline refinance via the FHA
Mortgage lenders are. while the company basically does not earn anything," said Hiton, who employs 12 appraisers. Advances in technology could further reduce the need for appraisers, some observers.
Where appraisers could possibly make a winning argument is by arguing with higher LTV’s (BTW Fannie will do appraisal waivers up to 90% LTV on, but Freddie will not go over an 80% LTV), and/or loans that do not have a very strong credit profile should always require an appraisal.
My company has never originated a subprime loan, and it’s pretty clear the blame for the mortgage mess can be placed not just on loan originators, but on Fannie Mae and Freddie Mac. further from.
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