Lenders will now be able to use a single verification report to validate income, employment, assets, positive rent payment and cash flow history. However, the report must have at least 12 months of data.
The Federal Reserve published a hypothetical economic collapse for banks to use in their annual stress test this year. The same scenario might be used by FHFA for Fannie Mae and Freddie Mac.
Fannie Mae has added three new attributes to its daily prepayment report for mortgage-backed securities. The enhancements will provide timely data on principal reductions.
The mortgage giant spelled out what servicers must do to ensure the GSE’s interests are protected by adequate property insurance on the collateral backing its mortgage loans. Fannie also hedges its bets on a lapse in the NFIP.
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