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Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).
The necessary restatement was expected to cost $10.8 billion, but was completed at a total cost of $6.3 billion in restated earnings as listed in Fannie Mae's Annual Report on Form 10-K. [75] Concerns with business and accounting practices at Fannie Mae predate the scandal itself.
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Fannie Mae waded further into the foreclosure pool on Monday as it released new details on its plan to sell its repossessed homes as rental properties. The pilot program, first announced in August ...
On Friday, Fannie Mae reported its earnings for the fourth quarter and full year of 2013. The government-sponsored entity continued its recovery after the collapse of the housing market, with pre ...
The government-sponsored agencies, Fannie Mae and Freddie Mac, as well as the FHA (Federal Housing Administration) have sold REO's in bulk, as have several of the largest banks.
In addition to the down payment, the final deal of the mortgage includes closing costs which include fees for "points" to lower the interest rate, application fees, credit report fees, attorney fees, title insurance, appraisal fees, inspection fees, underwriting fee and other possible miscellaneous fees. [5]
The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the U.S. Department of Housing and Urban Development government-sponsored enterprise mission team, [3] absorbing the powers and regulatory authority ...