Month: October 2017

Fannie Mae Removes Cash-out Seasoning for Properties Listed for Sale

It’s not everyday that a home is sold in a month or less. Some properties remain unsold on the Multiple Listing Service (MLS) for six months. What if a homeowner has a change of heart and decides to do a cash-out refinance instead? What about the usual cash-out seasoning period? Existing guidelines across most loan programs would say no. They are generally clear about a home not being listed for sale before a refinance and the homeowner has a better reason than the home not selling than expected. Fannie Mae, however, has softened its stance toward consumers who listed their homes for...

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Thinking About Selling Your Home This Fall? Here Are Tips That Might Help

It’s fall season. But as beautiful as this season gets, it could also be a good time for home buyers to fall in love with homes that they would potentially call their own. Like buying a house or applying for a mortgage, selling your home has its own hurdles, too. But these things are easy to deal with if you know what to do. If you’re thinking of selling your home this season, it’s crucial that you need to do your own research as to how to attract buyers at this time of the year. Along with that, you also...

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How to Spot a Phishing Scam

The current market for housing is still tight, with skyrocketing demand and an ever scarce supply. Unfortunately, the market is not only attracting buyers, but also the opportunists who want to take advantage of the loopholes of the system. Get today’s mortgage rates! ENTER SPEAR PHISHING No, it’s not a misspelling. As known in the real estate industry, spear phishing is a form of cyber attack that seeks unauthorized access to user information. These attacks are done mostly for malicious purposes such as for financial gain or to install malware to a remote computer, among others. How does it...

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Qualifying for a Conventional Mortgage Is More Secure With Truncated Asset Account Numbers

The release of Desktop Underwriter® Version 10.1 means more convenience for borrowers applying for conventional loans, cutting back on appraisals, project reviews, and self-employment income requirements. Not only that, Fannie Mae allows for shortened or truncated asset account numbers to further protect mortgage borrowers’ financial information. Indeed, the recent Equifax data breach reiterates the need to secure sensitive private information. Effective July 29, asset account numbers can appear truncated on mortgage applications, asset documentation, and case files in DU®. This measure is in addition to electronic signatures and secure portals put in place by Fannie Mae in a wider effort to safeguard...

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