Fannie Mae-No Politics (FNMA)

[navycmdr]

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