We have been hearing so much about Fannie Mae and Freddie Mac lately. There are two significant modifications to the rules approaching in coming months.
Fannie Mae will require mortgage services to install a new program providing forbearance relief to unemployed borrowers beginning March 1. Additionally, Fannie Mae and Freddie Mac have to increase their guarantee fees effective April 1, 2012. The increases will remain in effect through September 30, 2021. Yes, this means increase payments on mortgages. NAR has released a short video about following reforms to help you understand how these changes will affect all of us. Click here to see the clip.