Fannie Mae-No Politics (FNMA): Fannie/Freddie's Rule Book Fake Empl...

navycmdr · 2023-09-26T15:24:58.9530000Z

Fannie/Freddie's Rule Book https://x.com/AdvisorJohn/status/1706367681580998965?s=20 https://x.com/AdvisorJohn/status/1706372576329478438?s=20

Fannie Mae-No Politics (FNMA)

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navycmdr

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navycmdr

Re: None

Tuesday, 09/26/2023 11:24:58 AM

Tuesday, September 26, 2023 11:24:58 AM

Fannie/Freddie's Rule Book

Fake Employment Verifications - the dumbest rule in Fannie/Freddie's rule book is that a lender can use a verification of employment (VOE) as income.

The fraud here is someone from the company (or not) completes the document and falsely states income, YTD or prior year.

3/n
— John Downs - Mortgage Advisor (@AdvisorJohn) September 25, 2023

Ouch. I just quoted a 704 Credit Score, Move-Up Buyer, 15% Down Condo...

7.875% Charging One Point

FHFA's new pricing adjustments make this structure about .50% higher than it used to be.

(Total Lender Comp = 200 bps)
— John Downs - Mortgage Advisor (@AdvisorJohn) September 25, 2023