Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
GSEs offer new refi option for low-income borrowers
The FHFA announced on Wednesday that Fannie Mae and Freddie Mac will implement a new refinance option this summer for low-income borrowers with Enterprise-backed single-family mortgages. Eligible borrowers will benefit from a reduced interest rate and lower monthly payment. The FHFA estimates that borrowers who take advantage of the new refinance option could save an average of between $100 and $250 a month.
The new refinance option includes:
- A requirement that the lender provides a savings of at least $50 in the borrower’s monthly mortgage payment, and at least a 50-basis point reduction in the borrower’s interest rate;
- A maximum $500 credit from the lender for an appraisal if the borrower is not eligible for an appraisal waiver (the Enterprises will provide the lender a credit of $500 upon the loan’s sale to an Enterprise); and A waiver of the 50 basis point up-front adverse market refinance fee for borrowers with loan balances at or below $300,000.
To qualify, a borrower must:
- Have an Enterprise-backed 1-unit single-family mortgage that is owner-occupied;
- Have an income at or below 80% of the area median income;
- Have not missed a payment in the past six months, and no more than one missed payment in the past 12 months; and
- Not have a mortgage with a loan-to-value ratio greater than 97%, a debt-to-income ratio above 65%, or a FICO score lower than 620.
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