GSE Performance

Browse articles from all of our Newsletters related to GSE Performance.

October 17, 2014 - Inside The GSEs

Moody’s: FHFA Shouldn’t Increase Fannie, Freddie Guaranty Fees

The Federal Housing Finance Agency “should not appreciably change” guaranty fees charged by Fannie Mae and Freddie Mac, according to a new paper by Moody’s Analytics. The paper, “A General Theory of G-Fees,” by Mark Zandi, chief economist at Moody’s Analytics, and Cristian deRitis, a senior director of consumer credit analytics, noted that the two GSEs are currently charging an average g-fee of approximately 60 basis points across all new loans they insure.


October 10, 2014 - Inside FHA Lending

Ginnie Mae MBS Issuance Increases in 3Q14

Ginnie Mae issuance for the first nine months of 2014 totaled $207.5 billion as government-backed purchase-mortgage activity picked up in the third quarter, according to an analysis of agency data. New issuances rose 19.8 percent from the second quarter. FHA loans accounted for $116.9 billion of new Ginnie Mae issuances while VA and the Rural Housing Development funneled $75.9 billion and $14.2 billion, respectively, of new loans into Ginnie Mae pools. Mortgage securities backed by home-equity conversion mortgages are not included. Purchase mortgages totaling $140.6 billion comprised the bulk of new issuances over the nine-month period while the share of refinances totaled $49.8 billion. Modified loans accounted for $17.1 billion. Most of the FHA and VA loans originated during the first nine months came through the ... [ 2 charts ]


October 10, 2014 - Inside FHA Lending

OIG Calls for HUD Action Versus Errant Lenders

The Department of Housing and Urban Development’s Inspector General has recommended that HUD require an approved FHA lender to reimburse the FHA $1.6 million for improper claims on 11 preforeclosure sales, including lender and borrower incentives. An IG audit of EverBank of Jacksonville, FL, attributed FHA’s losses to the bank’s failure to determine whether or not defaulted borrowers qualified for the agency’s preforeclosure sale program. The IG looked into the bank’s short sale activities because it had the highest preforeclosure sale claims in Florida. More than 50 percent of EverBank’s FHA claims were from short sales, with more than $12.9 million paid from 2011 through 2013, the audit found. In response, EverBank questioned the accuracy of the IG report. The bank maintained that certain allegations do not constitute violations of ...


October 3, 2014 - Inside The GSEs

Latest Fannie Executive Departures Highlight GSE Staffing Challenges

Fannie Mae last week announced two significant executive staffing changes. Leslie Peeler, senior vice president in charge of Fannie Mae’s National Servicing Organization, is leaving the GSE for a senior position with IBM’s mortgage group. It’s unclear what exactly Peeler will do for the mortgage division of IBM, which includes Seterus, a subservicer that works for Fannie Mae. IBM rarely discloses any information about its mortgage division.


October 3, 2014 - Inside The GSEs

IG Calls for Closer FHFA Oversight Of Freddie Mac’s IT Investments

The Federal Housing Finance Agency can and should improve its oversight of Freddie Mac information technology investments, concluded a new audit by the agency’s official watchdog. Last week’s Inspector General audit noted that Freddie is making “substantial investments” in IT in order to better support its operations and reduce risk. The GSE’s planned IT expenditures over three years are expected to exceed $1 billion, the IG added.


September 19, 2014 - Inside The GSEs

IG: Fannie, Freddie Not Ready for Rep & Warranty Change

Fannie Mae and Freddie Mac were not ready for the new representation and warranty framework that took effect early last year at the insistence of the Federal Housing Finance Agency, according to a new Inspector General audit. Announced in September 2012 and implemented Jan. 1, 2013, the framework relieved sellers from certain reps and warrants, including those relating to credit underwriting and eligibility of the borrower and the property that were formerly effective for the life of the loan.


September 19, 2014 - Inside The GSEs

Groups Petition Congress to Seek Transparency in GSE Profit Sweep

Congress should put the screws to the Treasury Department to disclose all documents pertaining to the origins of the Obama administration’s controversial “net-worth sweep” of Fannie Mae and Freddie Mac profits, according to a coalition of right-leaning public policy groups. In a letter dispatched late this week to the top Republican and Democrat of the House Financial Services Oversight and Investigations Subcommittee, the 17 groups led by the Competitive Enterprise Institute urged lawmakers to intervene to impose transparency over what GSE shareholders consider an extra-legal maneuver by the executive branch.


Poll

Over the next six months we plan to hire this many more additional loan officers:

1 to 10 (We're being careful.)

31%

11 to 30 (We're optimistic.)

10%

More than 30 (We're in a growth mode as the banks get out.)

31%

We're cutting back. (Are you nuts? It's ugly out there.)

29%

Housing Pulse