Housing and mortgage organizations have voiced their concern to the Federal Housing Finance Agency (FHFA) regarding the bi-merge credit transition. Seventeen organizations have submitted a letter, petitioning the FHFA to give more time for the transition due to challenges that have arisen in the process.
These organizations are concerned that the current timeline will not provide enough time for them to meet the requirements of the transition. It could lead to disruptions in the mortgage and housing markets, increasing costs and potentially creating an overall negative financial impact.
The organizations are requesting that the FHFA:
* Push back the transition timeline to ensure compliance
* Give clear guidance on the transition process
* Provide resources and assistance to assist in the process
The organizations are hopeful the FHFA will listen to their concerns and adjust the timeline to provide adequate resources and assistance during the transition period. With a revised timeline, they are confident they can make the bi-merge credit transition smoother and less disruptive.
You can read this full article at: https://www.housingwire.com/articles/fhfa-bi-merge-credit-transition-challenges-are-immense-housing-orgs-say/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.