Fannie, Freddie Set Appraisal Standards to Streamline Data Collection

The Federal Housing Finance Agency (FHFA) is rolling out a new initiative at government-sponsored enterprises (GSEs) Fannie Mae  and Freddie Mac  that aims to streamline home appraisal and loan delivery data.

The effort, called the Uniform Mortgage Data Program, sets standards on data and collection processes. The FHFA previously directed Fannie and Freddie to create common data sets and standards for electronic submission and loan delivery data.

“This initiative is a major step toward meeting industry requests for uniformity in appraisal and loan data,” said FHFA acting director Edward DeMarco in a statement (download here). “Improvements in data quality will benefit all mortgage market participants and strengthen the housing finance system.”

FHA is set to reduce closing costs paid by a seller…

The FHA will reduce allowable seller concessions — the percentage sellers can take from the sales price of a home to fund closing costs — from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set.

The closing costs include fees for origination, attorneys, appraisal and inspections, title search, title insurance, credit reports, and more. Down payment assistance is not included as a closing cost.

If you are thinking about buying or selling a home please contact me for specific details and how this change can impact your real estate transaction.

Mortgage Refinance Program Extended

The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.

The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.The program allows borrowers who owe up to 25% more than their homes are worth to refinance to lower interest rates.It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.

Let me know if you are interested in refinancing and I can get you to a qualified lender who can help with this.sr

Outstanding, Large Holladay Townhouse

Price: $399,900

 Bedrooms: 3

Bathrooms: 3 Full, 1 Half

 Garage: 2

 Square Feet: 3,024

 MLS ID: 933034

2009 Salt Lake numbers at a glance!

Yesterday I went to the Salt Lake Board of Realtors forecast luncheon and here are a few statistics I found. 1) In 2009 only 900 new single family homes were built in Salt Lake county-the lowest level since the 1940′s; while about 9100 existing single family homes were sold. 2) Historical experience suggest housing prices in Salt Lake Country will remain under downward pressure in 2010. 3) Foreclosures are the greatest threat to price increases as foreclosures continue to increase in Utah.