Mortech Blog


Lori Rezac

Recent Posts

Freddie Mac Survey Suggests Real Estate Agent Influences Client’s Lender Choice

Posted by Lori Rezac on Nov 14, 2016 1:50:14 PM

In a survey commissioned by Freddie Mac, if a real estate agent likes doing business with a certain lender, they will be more likely to refer them to clients. Eighty-four percent of real estate professionals refer clients to their select group of lenders, according to the article posted on the Agency’s website. Most only have 1-3 lenders in their network and say their clients almost always use their recommended lenders.

Read More

Fannie Mae Releases Selling Guide Updates

Posted by Lori Rezac on Nov 3, 2016 2:30:52 PM

Fannie Mae has released a number of Selling Guide updates in Announcement SEL-2016-08.  Among the updates announced are enhancements to HomeReady®, as well as a new DU validation service for income.


The HomeReady product is continually assessed to ensure it is meeting the needs of the customers it is put in place to serve.  In an effort to meet these needs, Fannie Mae has announced enhancements to the product, including:

  • Maximum LTV for one-unit limited cash out expanded from 95% to 97% when the refinanced mortgage is owned by Fannie Mae.
  • ARMs have been expanded to allow 3- and 4- unit properties.
  • When at least one borrower completes pre-purchase housing counseling, as evidenced by Form 1017:
    • and the loan is delivered with a Special Feature Code of 184, a LLPA credit of $500 will apply; and
    • housing counseling will be considered a compensating factor for an expanded maximum DTI ratio of 50%.
Read More

CFPB Structure Ruled Unconstitutional, Ruling Against PHH Thrown Out

Posted by Lori Rezac on Oct 24, 2016 3:06:28 PM

In a surprising victory against the CFPB, PHH has done what many lenders have only dreamed about. The D.C. Circuit issued its decision in PHH Corporation v. CFPB this week, stripping Director Cordray of some of his immense power and reversing a $109 million penalty against PHH. For the time being, the CFPB stays intact.

Read More

Economic Growth Expected to Rebound After “Lackluster” First Half

Posted by Lori Rezac on Oct 5, 2016 1:18:09 PM

Fannie Mae’s Economic and Strategic Research Group released their Economic and Housing Outlook for September 2016, with expectations of 2.6 percent growth in the second half of the year.  The full-year forecast remains as 1.8 percent, with consumer and government spending driving growth.

Read More

FHFA Index Shows a Decrease in Mortgage Rates for July

Posted by Lori Rezac on Sep 13, 2016 12:23:24 PM

The Federal Housing Finance Agency has released an index showing that mortgage rates have decreased from June to July. The average interest rate on all mortgage loans is down 7 basis points, while the effective interest rate on all mortgage loans was down 6 basis points. The average loan amount was also showing a decrease of $8,200, to $325,700.

Read More

HARP Refinances Declining

Posted by Lori Rezac on Aug 26, 2016 11:36:31 AM

As the end date for the HARP program draws near, it appears the program has done its job. Total refinances stand at 3,418,854, according to the Federal Housing Finance Agency (FHFA). Although these types of refinances continue on their steady decline, they still helped 18,310 borrowers refinance their mortgages through June this year. According to the FHFA, more than 323,000 borrowers still qualify for the program.

Read More

The Disclosure Desk and the Wasteful Steps in Avoiding Violations

Posted by Lori Rezac on Aug 22, 2016 11:00:34 AM

In a piece by Bill Smith posted on Housingwire, the effectiveness of the Disclosure Desk is put into question. In the beginning, disclosures were simpler with less data points. They could be automatically assigned and distributed to borrowers without the risk of inaccuracies. In 2010, the Good Faith Estimate and Truth-in-Lending were revamped with more demanding requirements, tolerances, and deadlines. This caused many lenders to ramp up their compliance departments and to create positions dedicated to reviewing documents prior to disclosure. With lenders unwilling to put their faith in their Loan Officer or available technology to ensure accuracy, these costly additions became the norm.

Read More

CFPB Updates Mortgage Servicing Rules

Posted by Lori Rezac on Aug 12, 2016 11:23:14 AM

In 2014, the Consumer Financial Protection Bureau released servicing rules that require servicers give troubled borrowers access to servicing personnel, credit payments in a timely manner, and correct any errors on request. Since those rules have been issued, the Bureau has continued to study how they are working in the market.  Using that research, updates were proposed to make the rules more effective. After feedback from those effected by the rules, updates have been finalized.

Read More

S&P Case-Shiller Indices Released

Posted by Lori Rezac on Aug 3, 2016 2:18:02 PM

The S&P CoreLogic Case-Shiller Indices have been released showing the continued increase in home prices across the country.  The CoreLogic, Inc. produced indices show a year-over-year increase of 5.0% in May over all nine U.S. census divisions.  This remained unchanged from the previous month.  The 20-City Composite showed a year-over-year gain of 5.2%, a decrease of 0.2% from April’s 5.4%.  Portland, Seattle, and Denver showed the highest gains over the last four months, with Portland leading the way with a 12.5% year-over-year increase.

Read More

Large Amounts of Baby Boomers Expected to Enter Rental Market

Posted by Lori Rezac on Jul 8, 2016 2:29:27 PM

A survey of those aged 55 or older, conducted by GfK on behalf of Freddie Mac, shows many would prefer to move again and rent at some point.  Most indicated they would like to rent by 2020. The majority of these respondents predict the cost would be equal or less than their current living situation.

Read More