From our in-house mortgage partner CENDERA FUNDING: Reducing repurchase risk will certainly benefit borrowers in the long run. Typically, lenders are asked to repurchase loans sold to FNMA or FHLMC if the borrower fails to make a payment at anytime during the first 3 years of the loan term. If FNMA and FHLMC actually allow 2 missed payments during those critical initial years, lenders will be able to possibly expand their credit guidelines to a degree. Were hopeful this change occurs. Additionally, HUDs charter has always allowed greater flexibility in underwriting decisions as compared to conventional loan products. Clarification and expansion of the product as we know it today will make financing in under-served markets much easier to obtain. Read the full article here:
Posted on: Fri, 16 May 2014 21:59:18 +0000
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