SANDY FLORES BROKER
Global International Real Estate Contributor@TELEVISAUNIVISION 34 Los Angeles, El Gordo y La Flaca, Posible Radio KTNQ 1020
Global International Real Estate Contributor@TELEVISAUNIVISION 34 Los Angeles, El Gordo y La Flaca, Posible Radio KTNQ 1020
Fannie Mae is set to raise the benchmark interest rate for its Standard Modification program. Fannie Mae will raise its required interest rate for standard modifications from 4.375% to 4.5%. The rate was lowered from 4.5% to 4.375% on Sept. 15, but will now rise again in one week. Fannie Mae announced the change on Tuesday in an email sent to its servicers.
When the program began in Jan. 2012, Fannie’s benchmark interest rate was 4.625%. Fannie lowered the interest rate to 4.25% in Sept. 2012, before dropping it to 4% on Dec. 1, 2012.
“Fannie Mae Standard Modification interest rate is not determined on a preset schedule,” Fannie said in the note to its servicers. “The interest rate is subject to periodic adjustments based on an evaluation of prevailing market conditions.”
Fannie also noted that any loan modification requests that were approved at the previous rate are not eligible to be resubmitted for approval under the new modification rule
Sandra M. Flores CA. DRE Lic. # 01122114 – NMLS Lic. #324482
Broker Officer at J.C. & S.M. INC. DBA. Real Estate On Demand & Home Loans On Demand Licensed by the California Department of Real Estate Lic. # 01520569 NMLS # 235895
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