Free credit reports now available weekly through April, 2021

Individuals have been able to receive free copies of their credit reports for some time now by ordering through annualcreditreport.com. Reports can be obtained from each of the three credit bureaus, Experian, Equifax and TransUnion. Federal law has required that the bureaus make these reports available to consumers once a year. You can, for example, request all three reports once a year or request a different report every four months. Most of the information on the reports will be duplicative but not always. Since mortgage lenders will typically obtain reports from all three bureaus, it is worth keeping an eye on what is reported.

Through April 2021, individuals will be able to get copies of their credit reports more frequently, up to weekly though the web site referenced above.

Note that these credit reports do not include credit scores. There are a number of places who will sell you credit scores and there are some free options, for example, Discover provides free credit scores to their credit card customers.

“Adverse Market Fee”

What is an “adverse market fee” you might ask. The answer is that it is a new way in which government-sponsored enterprises Fannie Mae and Freddie Mac plan to make up claimed losses from COVID-19.

The appraisal market is in tatters for several reasons, this is the most recent and it was a whopper. The agencies, Freddie Mac and Fannie Mae were going to get .5% more for servicing on every refinance they did, AFTER September 1st, 2020. To make sure they (the banks) got their extra .5%, they put the brakes on the already slowed down appraisal services. The .5% is only on refinances, but it rolled over to the purchase market as well. COVID-19 started the problem and it caused a 2 month back up back in April and June.

Now the Federal Housing Finance Agency, a group that has regulatory authority over Fannie and Freddie, has issued this decree that they have to wait until December to collect the extra income, and it is billions of dollars. This move is good. Add to this the concerns the banks have about a market collapse and you can see where the problems are.

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