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Freddie Mac

Which Way is Housing Really Moving?

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The progress of the housing market appeared to continue on a two-steps-forward/one-step-back trajectory, with forward-looking news of the Federal Reserve’s decision to finally move away from tapering and a rise in average fixed mortgage rates coupled with a housing starts data that saw a double-digit percentage drop.Click to continue

Mortgage Marketing: How You Can Shine

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The news is out ... the first four months of 2014 have shown that the demand for home loans has plummeted, mortgage rates are increasing, Freddie Mac and Fannie Mae are being overhauled, and Wells Fargo cut 700 mortgage jobs. In the midst of all this gloom, there is a way to for you to shine…Click to continue

Tales From the Closing Table

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The mortgage closing transaction is the single largest financial transaction in the lives of most consumers, and it is also the riskiest stage of the mortgage process for lenders. While the vast majority of lawyers and notaries and title agents are experienced, ethical and diligent professionals, for a few the role of closing agent is too tempting a lure for selfish criminal intent. This monthly column addresses the good, the bad and the ugly …Click to continue

Surge of Past Short Sellers Spotlights New Problems for Sellers With Deficiencies

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Many are aware of the foreclosure code placed on past short seller credit. As past short sellers surge back into the housing market, new problems come to light. Short sellers who paid on a deficiency after the short sale closed are getting denied by both Fannie Mae and Freddie Mac for a conventional mortgage for three reasons:

1. The short sale credit is coded as a foreclosure, the same problem that almost all short sales are experiencing.Click to continue

Rates Hold Steady, Remain Near Four Percent Mark

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed-rate mortgages (FRMs) holding largely steady for the third straight week amid light economic reports. This week, the 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending Sept. 4, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.57 percent. Also this week, the 15-year FRM averaged 3.24 percent with an average 0.5 point, down from last week when it averaged 3.25 percent.Click to continue

FHFA Sets Goals For GSE's Next Few Years

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The Federal Housing Finance Agency (FHFA) proposed a rule that would establish housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2015 through 2017. FHFA is requesting comment on all aspects of the proposed rule. The Housing and Economic Recovery Act of 2008 requires FHFA to establish annual housing goals for both Enterprises, and FHFA’s current housing goals rule is effective through the end of 2014.Click to continue

Making Lemonade From a Lemon-Level Rate Picture

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The latest mortgage rate data from Freddie Mac is anything but sweet. And while there is little evidence that the picture will substantially improve in the immediate future, there is some movement across the industry to find other ways to successfully expand bottom lines.Click to continue

FHFA Reaches $3.15 Billion MBS Settlement With Goldman Sachs

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The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, has announced it has reached a settlement with Goldman Sachs, related companies and certain named individuals. The settlement addresses claims alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007.Click to continue

Housing Takes a Wild Seesaw Ride

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Three different data reports released this morning appeared to give the cumulative effect of a housing market that is aggressively seesawing to extremes: Rates hitting a new low, existing-home sales hitting a new high and rising fears that housing affordability might become an ephemeral commodity.Click to continue