Fee Hikes/Mortgage Relief News from Fannie/Freddie

This information is coming from the Mass Assn of Realtors and is great news to unemployed borrowers.  

Fannie Mae will require mortgage servicers to install a new program providing forbearance relief to unemployed borrowers beginning March 1 for up to six months of relief without getting approval from the government-sponsored enterprise. Freddie Mac will begin offering 12-month forbearance plans on Feb. 1.  In addition, FHFA has directed Fannie Mae and Freddie Mac to increase their guaranty fees effective April 1. NAR opposed the increase in fees to pay for non-housing-related purposes. Lenders who will pass the increase on to borrowers will likely increase the rate offered by .1 percent sometime before April 1, 2012.

One response to this post.

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