Question: Our company recently commenced requiring prefunding quality control (QC) audits which requires substantial manpower. I have heard conflicting views on whether prefunding quality control audits are required by Fannie Mae and/or HUD. Can you clarify the prefunding requirement for me?Click to continue
Fannie Mae has announced that homebuyers may receive up to 3.5 percent in closing cost assistance when they purchase a HomePath property in 27 states during the FirstLook period. During the FirstLook period, owner-occupant or public entity buyers are able to submit offers on HomePath properties, giving them the opportunity to purchase homes without competition from investors. Fannie Mae recently announced the extension of the FirstLook period from fifteen days to twenty days.Click to continue
The Federal Housing Finance Agency (FHFA), as conservator of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, has announced it has reached a settlement with Morgan Stanley, related companies and specifically named individuals for $1.25 billion. The settlement resolves claims in the lawsuit FHFA v. Morgan Stanley, et al. in the U.S. District Court of the Southern District of New York.Click to continue
The Mortgage Bankers Association (MBA) has released its 2013 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. The survey found six percent, or $91.7 billion of the $1.5 trillion of outstanding commercial and multifamily mortgages held by non-bank lenders and investors, will mature in 2014, a 23 percent decline from the $119.5 billion that matured in 2013. Maturities will grow to $213 billion in 2016.Click to continue
Seneca Mortgage Investments LP has announced that it has closed on its purchase of AMS Servicing (AMS), a residential mortgage servicer sold by Arbor Commercial Mortgage LLC (ACM). Seneca Mortgage Investments LP, a joint venture among affiliates of GSO Capital Partners LP; EJF Capital, LLC; and Arbor Commercial Mortgage, LLC, first announced the acquisition of AMS Servicing on Sept. 12, 2013, pending necessary regulatory approvals. Since that date, all approvals have been completed and the transaction has closed.Click to continue
Citi is in the process of shuttering sections of its mortgage servicing unit, with layoffs totaling around 950 employees. These layoffs are due predominantly to Fannie Mae loan sales being expedited to an independent company that specializes in high-risk, delinquent loans to service the mortgages that Citi was apparently responsible for. Loans are going to be transferred to Fannie Mae during the first quarter of 2014, numbering around 64,000 residential mortgage loans.Click to continue
Citi has announced it has signed a definitive agreement for the sale of Mortgage Servicing Rights (MSRs) for approximately 64,000 Fannie Mae residential first mortgage loans. The MSRs primarily reside in Citi Holdings and are tied to Fannie Mae loans with outstanding unpaid principal balances of approximately $10.3 billion.Click to continue
In early December, the Federal Housing Finance Agency (FHFA) announced plans to increase the base guarantee fee (g-fee) for all mortgages by 10 basis points, update the upfront g-fee grid, and eliminate the up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Fannie Mae and Freddie Mac since 2008 effective in March and April 2014. The FHFA has announced that it has directed Fannie Mae and Freddie Mac to delay implementation of these changes.Click to continue
On the heels of an $8 million-plus settlement with Flagstar Banks, Fannie Mae has reached another agreement, this time with Wells Fargo & Company, that resolves substantially all repurchase liabilities related to loans sold to Fannie Mae that were originated prior to Jan. 1, 2009.
The $591 million agreement was adjusted for credits related to certain prior repurchases, resulting in a one-time cash payment to Fannie Mae of approximately $541 million. At Sept. 30 2013, Wells Fargo had fully accrued for the cost of the agreement.
Incoming head of the Federal Housing Finance Agency (FHFA) Mel Watt has indicated that he plans to delay an increase in mortgage fees charged by the largest housing finance firms in the country.Click to continue