As a mortgage broker, chances are you are intimately knowledgeable about the Appraisal Independence Requirement (AIR) as part of sound underwriting for financial institutions.
Most industry watchers believe that the housing market finally turned the corner in 2012, stabilizing and beginning a sustainable recovery after a protracted, seemingly endless down cycle.
Purchasing a home or refinancing a mortgage? Now is a fantastic time to consider applying for a home loan. Mortgage rates are at market lows and affordability has never been more opportunistic. The question everybody asks when getting a mortgage is "what is your rate?"
The Federal Housing Finance Agency (FHFA) regulates Fannie Mae and Freddie Mac, two government-owned organizations backing most home loans in the United States. It has announced that new regulations will become effective on November 1, and the goal is to simplify the process of making a short sale. When such a transaction takes place, the mortgagee allows the borrower to sell their home for less than they owe on their mortgage as a way of avoiding foreclosure.