There have been rumors President Biden is electing a new FHFA director. Despite whether this is true or not Sandra Thompson deserves a round of applause for her work. She has literally cleaned up the mess her predecessor has made and has done a great job of it. Since taking on the role of acting director, she has reversed policies put in place by her predecessor. She has canceled the 50 point refinance fee. She also paused the January 2021 PSPA policies. Also recently the FHFA suspended the capital rule for GSEs. This has caused many great positive changes in the housing industry.
| Today’s Rate | 2.819% |
| Change From Yesterday | 0.011% |
| Change From One Week Ago | -0.068% |
| Change From One Year Ago | -0.150% |
| Today’s Rate | 2.115% |
| Change From Yesterday | 0.013% |
| Change From One Week Ago | -0.068% |
| Change From One Year Ago | -0.403% |
Sandra Thompson has made many contributions during her time as director. Though the president wants to nominate a new director, Sandra Thompson should be FHFA Director permanently. She has literally cleaned up the milk her predecessor spilled and has done wonders for the housing industry. A lot of policies were either revised, fully changed, or outright canceled under Thompson’s reign as director. The positive effects that have come from Sandra Thompson’s work have reshaped the housing industry and economy as well for the better.
The HIRO program, originated by Fannie Mae was designed to help homeowners with no equity refinance with a lower mortgage payment and interest rate. Borrowers who haven’t benefitted from rising home prices can gain a lot through the HIRO program. The original purpose of this program was to help people whose property values are stagnant or falling. Homeowners in that market lost equity or saw their mortgage go underwater. If you are considering refinancing your home or property you need to research Fannie Mae and the HIRO program.
The more the demand for refinancing increases, the longer the process takes. Refinance applications can take up to a couple of months on average. To make the process easier and faster you will need to make sure you have the correct documents. These documents include; proof of income, insurance information, credit verification, statements of debt, statement of assets. Having these documents upfront is critical, refinance cannot happen without them.
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