Appraisals Not Always Needed for Fannie and Freddie Mortgages

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"As the allegations against First American show, the mortgage industry’s dirty secret has been that banks exert tremendous pressure to extort appraisers." Shares of both Fannie and Freddie were rattled by the news, with Fannie dropping roughly 10 percent, and Freddie off about seven percent.

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Similarly, for those homeowners who are looking to refinance, Fannie Mae and Freddie Mac will not require an appraisal for a cash-out refinance if the new loan amount is less than 70% of the original appraised amount. For limited cash-out refinances, the appraisal exemption applies to loans up to 90% of the original appraised value.

Quick Facts - FNMA Appraisal Process "For Fannie and Freddie, appraisals are not always necessary Do we always need an appraiser to tell us what a house is worth? The country’s two biggest sources of mortgage financing – Freddie Mac and Fannie Mae – think not."

1. What did Fannie Mae do before the market crash because they were losing so much market share? 2. Why do you always find fannie mae, Freddie, Quicken Loans and CoreLogic having summits? 3. Are these companies to "tight" with one another? Is it really to protect/help the public or to make their profits higher and to crush the competition? 4.

This program is reserved for those with loans backed by Fannie Mae or Freddie Mac. Borrowers must be current on their loans (one late payment permitted in past 12 months, none in past six) and the loan must have been sold to Fannie or Freddie on or before May 31, 2009. FHA-to-FHA Refinance Doesn’t Require an Appraisal

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Fannie Mae and Freddie Mac, the government-sponsored enterprises that dominate the market, now almost always require 5% down, even with private mortgage insurance. re depending on the appraisal,

In the "old days" of mortgage banking, it was important to have low guarantee fees from Fannie and guarantor fees from Freddie. requiring a 2nd appraisal or field review if the original appraisal.

Fannie Mae and Freddie Mac are both government-sponsored enterprises (GSEs), which means that they’re private companies sponsored by the U.S. government. Both Fannie Mae and Freddie Mac have basically the same goal: to make it easier for the average American to obtain a home, by making it easier for them to get a mortgage on good terms.