Fannie Mae Announces Modification Interest Rate Hike

first_img Fannie Mae Interest Rate Loss Mitigation Mortgage Loan Modification Standard Modification Program 2014-10-08 Brian Honea Share Save Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Fannie Mae Interest Rate Loss Mitigation Mortgage Loan Modification Standard Modification Program Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles About Author: Brian Honea Fannie Mae Announces Modification Interest Rate Hike The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Loss Mitigation, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Minneapolis Tops List of Best College Towns for Home Flipping Next: FHFA Appoints New Chief of Staff The Best Markets For Residential Property Investors 2 days ago October 8, 2014 1,062 Views Home / Daily Dose / Fannie Mae Announces Modification Interest Rate Hike Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Fannie Mae announced earlier this week it will be adjusting the required interest rate for its Standard Modification Program.The new interest rate of 4.5 percent will be effective for all Fannie Mae mortgage loans approved for the Standard Modification Program on or after October 14, 2014.This will be the sixth adjustment to the interest rate of the Standard Modification Program since Fannie Mae launched the program in January 2012 as a way to help borrowers who are not eligible for the Home Affordable Modification Program (HAMP) avoid foreclosure.”The Fannie Mae Standard Modification interest rate is not determined on a preset schedule,” Fannie Mae said in the announcement. “The interest rate is subject to periodic adjustments based on an evaluation of prevailing market conditions.”The interest rate was just lowered from 4.5 percent down to 4.375 percent on September 15. When the program began in January 2012, the rate was 4.625 percent, but by December of that year, it had been adjusted to 4 percent even. On September 1, 2013, the rate was raised back up to 4.625 percent, then adjusted slightly down to 4.5 percent in July 2014.Fannie Mae noted in their announcement of the interest rate increase that “loan modification requests previously approved at the prior modification rate are not eligible to be resubmitted for approval under the new modification rate.” Sign up for DS News Daily Subscribelast_img

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