What other simple fixes could the GSEs implement that would make your lives immeasurably easier?
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Hello, LOs!
For all the recent focus on quarterly earnings, PSPAs and living wills, it's a simple guideline change at Freddie Mac that will likely be of more practical interest to LOs.
Any Freddie refinance that requires $500 or less in cash to close and zero reserves can proceed without documented assets – no occupancy, no LTV, no DTI.
Several LOs I spoke to over the past week said this is a common-sense step that should have been done many moons ago. No more last-minute scrambles over something minor and low-risk.
It's in effect now.
It brings me to the today's topic – what other simple fixes could the GSEs implement that would make your lives immeasurably easier? Please reach out to me at jkleimann@housingwire.com. You can remain anonymous if you prefer.
Thanks, see you Thursday!
James Kleimann
Managing Editor, HousingWire
P.S. Make sure to check out Georgia Kromrei's story on why LOs and economists think there could be all sorts of unintended consequences from these new first-time homebuyer assistance bills.
On May 10, join Michael Fratantoni, MBA's Chief Economist, and Aaron King, Snapdocs CEO, as they analyze industry trends, explain how lenders are adapting to market changes, and discuss the role technology is playing through it all. Register now.
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