Jan 16, 2009

Industry Clean-Up, Part 2

Even More!

Hello Neighbors,

More good news. This cleanup announcement is intended to help revise mortgage lending.

This note just in from our friend Jeff at Comstock Mortgage:

Here is an announcement from the Federal Housing Finance Board (Fannie and Freddie’s Regulator). Starting January 1, 2010 requiring at the loan level both agencies to obtain information on the originator (both at the loan officer level as well as the company level), appraiser and appraising supervisor. This will go a long way to quickly identifying those “bad apples” in our business and allow the tracking of delinquency and loan quality at the originator level both company and individual loan officers/consultants as well as appraisal issues. While it will not be required until January 1, 2010 I would expect to see implementation by Q4 of this year.

Thanks for sharing Jeff.

- Jim


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