Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
SS question: What is FNMA?
Just got this e-mail from the loss mitigation specialist handling our short sale:
"All needed docs were received. Thanks! File will proceed to PMI for MI review and approval. After PMI is complete, file will proceed to FNMA for final review."
The part that I bolded, what does that mean exactly.. What is PMI, MI review then FNMA? And does anyone have a general timeline of how long these steps take?
Re: SS question: What is FNMA?
I believe FNMA is Fannie Mae. Based on the experience I've had with trying to purchase a short sale I'm guessing that PMI and MI have to do with getting approval from your mortgage lender (and maybe secondary mortgage lender) and that your loan is backed by Fannie Mae so after the lender approves the package, Fannie also has to approve the package.
Ohh I see. We are the buyer's purchasing the short sale so I didn't know they would directly be in contact with our mortgage guy. Thanks!
All of this is with the seller's mortgage lender and based on the seller's loan. Based on your original post, I thought you were the seller.
We are in the process of, hopefully, purchasing a short sale our timeline has gone like this:
9/3 - offer
9/7 - offer accepted, went to seller's lender for approval
9/9 - BPO ordered
10/6 - offer "accepted" by seller's lender - negotiations begin with seller for cash settlement
10/12 - cash settlement by seller reached (I thought this meant the entire offer was accepted)
10/13 - Entire package sent to Freddie Mac (seller's mortgage investor) for approval (note this was the first I heard about this step)
We're told Freddie has been responding in 7-10 business days so we hope to have final approval this week. I wouldn't be surprised, however, if it took longer nor would I be surprised if another curve ball was thrown our way.