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.
The mortgage industry has been far from standardized throughout history. Before the government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac—and the Federal Housing Administration (FHA) there were no true standards. The industry evolved from a paper and forms-based business transaction process to an electronic version. Processes began to mature, however, organizations were still required to have an in-depth and specific knowledge of each investor/insurers policies to conduct business. Smaller lenders and servicers would choose one investor or maybe a handful.Click to continue
Zillow Chief Economist Dr. Stan Humphries sat down with Barry Zigas, director of housing policy for the Consumer Federation of America and a commissioner on the Bipartisan Policy Center (BPC) Housing Commission, to discuss the BPC's plan for housing finance reform. A video of this discussion, entitled "Zillow Presents: Discussing Housing Finance Reform Options with Barry Zigas of the Bipartisan Policy Center Housing Commission, Facilitated by Zillow Chief Economist Dr. Stan Humphries," is now available on the Zillow Blog.Click to continue
Earlier this week, Sens. Bob Corker (R-TN) and Mark R. Warner (D-VA) sat down with Zillow Chief Economist Dr. Stan Humphries to discuss their ideas of what the future of mortgage finance reform should look like in this country. Sens. Corker and Warner are co-sponsors of SB 1217, the Housing Reform and Taxpayer Protection Act of 2013.Click to continue
Altisource Portfolio Solutions S.A. has announced that its subsidiary has entered into a definitive agreement to acquire Equator LLC. The acquisition is valued at a base price of $70 million on closing with contingent earn out consideration of up to an additional $80 million over three years, subject to Equator achieving annual performance targets. The acquisition is expected to close within 30 days and is subject to customary closing conditions.Click to continue