In a letter sent to the Federal Housing Finance Agency (FHFA), the Financial Services Roundtable’s (FSR) Housing Policy Council (HPC) voiced its support for the agency’s proposal to create a single security to be issued and guaranteed by Fannie Mae and Freddie Mac.Click to continue
This is the 12th time since 2008 that the Mortgage Bankers Association (MBA) Conference Survey Report & Scorecard survey of senior mortgage banking executives has been conducted and distributed. It is completed twice annually, at the MBA’s National Secondary Market Conference in May and at the MBA’s Annual Convention in October.Click to continue
There’s a saying in most major professional sports: “Defense wins championships.” It’s safe to assume that the team that reaches football’s Super Bowl, or basketball’s World Series, hockey’s Stanley Cup or basketball’s Finals knows how to score and put a lot of “points on the board.” But it’s the team that is better able to stop the other team from scoring that takes home the trophy. In other words, your defense better be good.Click to continue
The real estate finance industry is in the midst of an exceptionally busy time considering the breadth of legislative activity in our realm this year. As we continue to implement and adjust to the regulations mandated by the Dodd-Frank Act, Congress has also started to debate government-sponsored enterprise (GSE) reform, and earlier this month, the Senate Banking Committee finished the mark-up of a bill that would reauthorize Terrorism Risk Insurance.Click to continue
Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) have announced that they have come to an agreement regarding a bill reforming housing finance and the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. Administrators, stakeholders and politicians from both sides of the aisle have reportedly signed onto the bill, which will hold a markup over the next few weeks.Click to continue
Credit Plus Inc. has announced that it has expanded its Undisclosed Debt Verifications service and is now offering updates from all three repositories. Credit Plus is the first in the industry to offer debt verification updates from every bureau. Undisclosed Debt Verifications provide real-time monitoring into applicant credit activity from the initial credit file pull through closing.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.