Fannie Mae Lengthens Foreclosure Timelines in 33 States

Fannie Mae announced this week it will extend the timeframe servicers have to process a “normal” foreclosure in Illinois and 32 other states. Currently, Fannie Mae imposes a maximum number of allowable days its servicers can take to complete the foreclosure process. For Illinois, the new maximum is 690 days from the due date of the last paid installment. Servicers who fail to process a foreclosure within this timeframe must pay a “compensatory fee” unless they have a reasonable explanation for … [Read more...]

Fannie Mae Announces New “HomeReady” Mortgage Program

This week, Fannie Mae announced the launch of HomeReady, an expanded mortgage program that will offer credit access to an audience of borrowers previously excluded from its MyCommunityMortgage program. Under HomeReady, both first-time and repeat borrowers with lower incomes and limited funds for a down payment will be able to qualify for a mortgage with reasonable monthly payments and a down payment as low as 3 percent. Fannie Mae says the new program, which will replace MyCommunityMortgage, is … [Read more...]