From A Colleague:
The two major questions on the new conforming & FHA loans rage on: when and how? The President is expected to sign the bill this afternoon. However, James Lockhart, OFHEO Director (the regulator for Fannie Mae and Freddie Mac) indicated that any increase in the GSE limits would require “new product approval process” to evaluate credit risk, concerns about geographic concentration in high risk markets and prepayment risk associated with jumbo purchases. He went on to say that implementation could take between one and up to three months for enactment, and that operational issues including system changes could delay implementation. Since FNMA & FHLMC follow OFHEO’s lead, these comments must be taken seriously, especially since he was opposed to the mortgage limit increase.
questions? Email me.
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About Me
- john
- As a Certified Mortgage Planning Specialist (CMPS) with extensive experience in the mortgage industry, I specialize in helping my clients find, structure and manage mortgage debt as one piece of a larger financial strategy. I provide my clients with detailed home loan and debt structuring guidance that compliments their long term financial objectives, including college savings, retirement planning and other investment goals. With an understanding of financial planning concepts that relate to taxation, investment strategy, and estate planning, I work to create a personal strategic mortgage solution for my clients’ diverse financial needs. I collaborate with advisors in other financial fields, and introduce other specialists for guidance as needed. The ability to assess and advise on all aspects of a client’s financial situation can minimize financing costs and tax exposure while building net worth – a benefit often missed when focusing on home loans exclusively.