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Work group weighs disclosure to alert consumers when mortgages may be assumable
Summary
Industry and commission staff debated a draft tied to Sen. Sturtevant that would notify borrowers when mortgages may be assumable; lenders warned conventional (Fannie/Freddie) loans are rarely assumable and urged outreach to servicers and precise wording; the group favored an education/notification approach rather than changing legal assumability.
Bill West, representing the Virginia Mortgage Bankers Association, and other members discussed a draft linked to Senator Sturtevant about notifying borrowers that some mortgages may be assumable.
West cautioned that FHA and VA loans are broadly assumable by contract but the majority of conventional loans backed by Fannie Mae and…
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