The Mortgage Bankers Association (MBA) has released "Up-Front Risk Sharing: Ensuring Private Capital Delivers for Consumers," a concept paper suggesting the Federal Housing Finance Agency (FHFA) require Fannie Mae and Freddie Mac to offer risk sharing options to lenders at the “point of sale” rather than on the back end after loans have been delivered to the government-sponsored enterprises (GSEs).Click to continue

Both Fannie Mae and Freddie Mac have implemented policies to expedite the short sales process, including new resources to help determine property values, according to panelists at a property valuation forum during the Realtors Midyear Legislative Meetings & Trade Expo. Short sales continue to represent a significant portion of the real estate market. According to the National Association of Realtors (NAR), short sales accounted for nine percent of transactions during the first quarter of 2013.Click to continue

Fannie Mae has introduced its Servicing Management Default Underwriter (SMDU), a tool to help mortgage servicers work faster and more consistently with homeowners to prevent foreclosure.  This technology, a counterpart to Fannie Mae’s Desktop Underwriter for mortgage originations, breaks new ground by evaluating a homeowner’s financial situation and determining what options are available to prevent foreclosure.Click to continue

Fannie Mae CEO Tim Mayopoulos announced that Fannie Mae’s pre-tax income for the first quarter of 2013 was the largest quarterly pre-tax income in the company’s history at the Housing Policy Council’s 10th Annual meeting in Washington, D.C. The company reported pre-tax income of $8.1 billion for the first quarter of 2013, compared with pre-tax income of $2.7 billion in the first quarter of 2012.Click to continue

The Federal Housing Finance Agency (FHFA) has announced that it is directing Fannie Mae and Freddie Mac to limit their future mortgage acquisitions to loans that meet the requirements for a qualified mortgage (QM), including those that meet the special or temporary qualified mortgage definition, and loans that are exempt from the “ability-to-repay” requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act.Click to continue

The Home Affordable Modification Program (HAMP) was established to assist the nation’s underwater borrowers get out from under their massive mortgage debt. High default rates, coupled with a 30 percent decrease in home values, has resulted in an incredibly difficult situation for homeowners. With HAMP, incentives are being provided for mortgage holders and servicers to help borrowers avoid foreclosure.Click to continue

The Federal Housing Finance Agency (FHFA) released reports prepared by Fannie Mae and Freddie Mac on their multifamily businesses. The reports were conducted at the direction of FHFA pursuant to its goal of contracting Fannie Mae and Freddie Mac’s overall market footprint and generating potential value for taxpayers.Click to continue

New York Gov. Andrew M. Cuomo has announced that Fannie Mae and Freddie Mac–in response to a request from the Cuomo Administration–are unveiling a new mortgage relief program to protect victims of Superstorm Sandy from large spikes in their mortgage payments. Sandy victims who received forbearance will be eligible for a special mortgage relief program that allows those homeowners to lower their monthly payments and avoid sudden payment spikes.Click to continue

Fifth Third Mortgage Company continues to outpace the industry in permanent modifications in the government’s Home Affordable Modification Program (HAMP). This is the third consecutive year Fifth Third Mortgage Company has exceeded the national average. Of the company’s portfolio eligible for HAMP consideration, approximately 97 percent of trial plans have been converted to permanent modifications. According to U.S. Treasury data released through January 2013, that percentage is higher than the national average of 87 percent.Click to continue

Mortgage Builder Software, a provider of leading loan origination and loan servicing software systems (LOS and LSS), has seen interest and participation in its work groups grow substantially in recent months as lenders seek ways to address compliance and repurchase concerns with the U.S. Department of Housing & Urban Development (HUD), Fannie Mae and Freddie Mac. The work groups provide instruction, advice and an open forum for Mortgage Builder users to discuss critical industry issues affecting their loan origination and servicing businesses.Click to continue