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Fannie/Freddie Announce End Dates for QM Rules Apr 12 2021, 8:35AM Both Fannie Mae and Freddie Mac (the GSEs) have released information to their lenders confirming that any loans they purchase after July 1, 2021 must conform to the agreement made on their behalf in January by the Federal Housing Finance Agency (FHFA) with the Department of Treasury, amending the Preferred Stock Purchase Agreement (PSPA). Although there were several requirements in the amended PSPA designed to limit risk, last weeks letters were specifically concerned with the new qualified mortgage (QM) rule from the Consumer Financial Protection Bureau (CFPB). The revised PSPA specifically prohibits the GSEs from acquiring loans that do not meet this ....
LoanCraft Collaborates with Freddie Mac to Provide Lenders With a Full-Service Option for Calculating Self-Employed Income By Staff 2 months ago TROY, Mich.–(BUSINESS WIRE)–LoanCraft, a seasoned innovator in mortgage technology and architect of the LoanCraft income calculation service, a unique full-service approach to calculating borrower income, announced today that their service has been integrated with Freddie Mac’s automated underwriting system (AUS). The service uses data from tax returns and other documents to provide an easy-to-use, actionable income report. The integration of LoanCraft’s service with Loan Product Advisor ® asset and income modeler (AIM) for self-employed can offer lenders the assurance of income representation and warranty relief and helps remove the underwriting bottleneck associated with computing self-employed income. ....