Archive

SCIF ADDED TO FANNIE AND FREDDIE APPLICATION REQUIREMENTS

On May 3, 2022, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use a Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises. The purpose of the SCIF is to collect information about the borrower’s language preference, if any, and on any homebuyer education or housing counseling the borrower received, so lenders can better […]

FHFA 2022 CONFORMING LOAN LIMITS

On November 30, 2021, the Federal Housing Finance Agency (FHFA) announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 limit for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. National Baseline The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect […]

FHFA ANNOUNCES 2021 CONFORMING LOAN LIMITS

On November 24, 2020, the Federal Housing Finance Agency (FHFA) announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. Baseline Limit The Housing and Economic Recovery Act establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost […]