The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) released their Mortgage Metrics Report for the Third Quarter 2009. According to the report, while “home retention actions” continue to increase, so did both prime mortgage delinquencies as well as loan modification re-defaults.
From the joint release (emphasis added): Read the rest of this entry »
The current state of both the housing market as well as their own finances have caused mortgage giant Fannie Mae to tighten their lending criteria. Fannie Mae will increase their requirement for a minimum credit score of 620, up from 580 beginning November 1. The change covers virtually all loans in today’s marketplace, including FHA and VA loans.
Certain loans will remain exempt from the credit score increase such as manually underwritten loans with nontraditional credit and originations under Refi Plus or DU Refi Plus programs.
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