GSEs

Browse articles from all of our Newsletters related to GSEs.

September 27, 2016 - IMFnews

Freddie Mac Rolls Out Front-End Risk-Sharing Pilot; But No Benefit for Lenders

One trade group source had this to say about the arrangement: “There’s no g-fee break? Then it doesn’t sound like front-end coverage that helps lenders.”


September 27, 2016 - IMFnews

Booming MBS Issuance and Uptick in Rates Should Translate into Stellar 3Q Results for Fannie and Freddie. Right?

The irony is that lower rates translate into robust originations and guaranty fee income, but can cause problems on the hedging side of the equation.


September 26, 2016 - IMFnews

Fannie Mae Rolls Out DU 10.0 Featuring ‘Trended Credit Data’

Fannie said DU 10.0 also will help borrowers who have multiple financed properties, eliminating certain eligibility overlays…


September 23, 2016 - Inside Nonconforming Markets

News Briefs

CORRECTION: Redwood Trust’s Choice program doesn’t allow for stated-income documentation, as originally reported in the Sept. 9, 2016, issue of Inside Nonconforming Markets. And Redwood does allow underwriting exceptions for Choice mortgages, a change that was made after the program was introduced. The baseline conforming loan limit for Fannie Mae and Freddie Mac will likely go up to about $422,000 in 2017, according to an Inside ... [Includes four briefs]


September 23, 2016 - IMFnews

What We’re Hearing: GSE Loan Limits to Move Higher? / No One Feels Sorry for Wells Fargo / The King of the Cross-Sell is now the King of Pain / Maybe the CFPB Needs a Kick in the… / MBA’s Dave Stevens Doesn’t Expect Peace to Break Out / Skyline Still Hiring

Mortgage lenders, start your engines: the Fannie Mae/Freddie Mac loan limit is set to rise...


September 23, 2016 - Inside MBS & ABS

Judge Orders Government to Produce More Documents In GSE Shareholder Case, Shows Signs of Annoyance

In a potential legal coup for Fannie Mae and Freddie Mac shareholders, Federal Claims Court Judge Margaret Sweeney ordered the U.S. Treasury Department and Federal Housing Finance Agency to turn over another large batch of documents in relation to the Fairholme Funds Inc. v. United States, et al. net worth sweep case. Sweeney this week forced the government agencies to produce more documents, close to 60 this time, for the plaintiff’s attorneys. The agencies have attempted to keep the various memos, emails, presentations and other communications hidden under executive privilege. Shareholders say...


September 23, 2016 - Inside MBS & ABS

Trade Groups Representing Small/Mid-Sized GSE Seller-Servicers Circle the Wagons Around the CSP

Some small and medium-sized lenders continue to fear that their access to the secondary mortgage market could be hampered if the fledgling common securitization platform of Fannie Mae and Freddie Mac is turned over to the private sector. At this point, the CSP is a joint venture owned by the two government-sponsored enterprises with a long-term future as uncertain as that of the GSEs themselves. But there are rumors that Congress may transfer the CSP to private owners sooner than expected. The vehicle for such a transfer would not be...


September 22, 2016 - IMFnews

Short Takes: Don v. Hillary. Bring the Popcorn / The Future of Fannie and Freddie? / How to Promote Homeownership / JPM Finishes the Mortgage Test Early

Meanwhile, if you want to know where Clinton and Trump stand on the issue of homeownership in America, you can review their respective party platforms...


September 21, 2016 - IMFnews

Short Takes: Hillary to Turn GSEs Into Public ‘Utilities’? / Don, Low Rates are Good / How Far Will the OCC Go? / A Lack of Ethics was the Problem / Bestborn Hires Three

So, what’s wrong with banks and financial service companies offering sales quotas? Nothing at all, if...


September 21, 2016 - IMFnews

Judge Orders Govt. to Produce More GSE-Related Docs, Shows Signs of Frustration

Margaret Sweeny, the judge presiding over the case, is growing increasingly frustrated with the government’s attempt to keep documents out of the public domain


September 21, 2016 - IMFnews

Freddie Mac Predicts a 3Q16 Production Boom of $595 Billion

Freddie expects originations to hit $2.0 trillion this year, a 14.3 percent sequential improvement…


September 20, 2016 - IMFnews

Mortgage Trade Groups Fear an 'October Surprise' on the GSE CSP

“We’re extremely concerned the CSP would be transferred to a nonprofit or a corporation where the board members include executives from JPMorgan Chase or GE Capital,” CMLA's Corso said.


September 19, 2016 - IMFnews

GSEs Have A Strong August; Market Share Gains?

Fannie and Freddie could top last year’s $824.8 billion in single-family MBS issuance by the time 2016 is over…


September 16, 2016 - Inside The GSEs

GSE Roundup

HFSC Continues to Seek Five-Member Commission for FHFA. During a full committee markup this week, the House Financial Services Committee voted to convert regulatory agencies currently headed by single directors, such as the Federal Housing Finance Agency, along with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency, into bipartisan, five-member commissions. The HFSC voted to make the Treasury’s one-time GSE privatization study become an annual report/testimony. FHFA Publishes Open Government Plan 2016. The Federal Housing Finance Agency published a document this week highlighting some of the ways it plans to advance the principles of “transparency, participation and collaboration” through open communication and public engagement.


September 16, 2016 - Inside The GSEs

GSE Shareholders Amend Compaint to Dismiss, Add Charges

Plaintiffs in a Fannie Mae and Freddie Mac shareholder case challenging the GSEs’ quarterly earnings sweep dropped some of the charges in their original complaint to bypass the Federal Housing Finance Agency’s motion to consolidate all of the cases. The pair, Gary Hindes and David Jacobs, is looking to dismiss counts that allege derivative breach of contract and other similar claims and instead allege “unjust enrichment” against the Treasury Department. The plaintiffs bought the class action suit focusing on Delaware and Virginia corporate law on behalf of themselves and other stockholders. Court documents in David Jacobs and Gary Hindes v. The Federal Housing Finance Agency...


September 16, 2016 - Inside The GSEs

Freddie Holds Bus Tour of Foreclosed Properties in Chicago

Freddie is busing potential homebuyers to tour affordable housing properties in Chicago as a way to reach low- to moderate income borrowers and unload foreclosed homes in the city. The event, to be held on Sept. 17, is sponsored by the GSE’s HomeSteps real estate unit and the Chicago Urban League. It will include tips on buying foreclosed properties.HomeSteps is the mortgage giant’s program to sell foreclosed properties. While the program is available across the country, it offers special financing for buyers in only 10 states: Alabama, Florida, Georgia, Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Texas and Virginia.


September 16, 2016 - Inside The GSEs

GSEs Modernizing Mortgages with Uniform Closing Dataset

Fannie Mae and Freddie Mac are well underway preparing to implement the Uniform Closing Dataset that will become mandatory in the second half of 2017. A big part of the change is moving to an electronic process to support the Consumer Financial Protection Bureau’s closing disclosure. This month, Fannie announced a new collection service that it said offers flexible options for delivering the UCD file in multiple phases of the business process. It includes the ability to verify data and eligibility electronically. Banks can submit either a single file or batch file, get data quality and eligibility feedback messages, and each submission is...


September 16, 2016 - Inside The GSEs

GSEs' Focus Should be on Credit Access, Honest Stress Test

Talk of housing finance reform is just a “solution in search of a problem,” according to one housing expert. Tim Howard, former senior executive at Fannie Mae for more than 20 years, said that with the GSEs’ loans performing well, the argument for replacing them is becoming harder to make. “It is no longer credible to claim that replacing Fannie and Freddie with an untested alternative, forcing them to do mandatory risk sharing or requiring them to hold bank-like levels of capital could possibly fix what now ails the U.S. residential mortgage market,” said Howard. He said the small size of the credit box is one of the primary problems that needs to be addressed, explaining that...


September 16, 2016 - Inside The GSEs

Judge Rules to Dismiss GSE Shareholder Case in KY

A GSE investor in Kentucky lost her case last week when the court dismissed claims that the government damaged Fannie Mae and Freddie Mac by implementing the net worth sweep of the GSEs’ profits. Arnetia Robinson alleged that her investments in Fannie and Freddie were “materially damaged” when the Federal Housing Finance Agency and the Treasury Department amended the existing preferred stock purchase agreement in 2012. According to court records, Robinson was seeking declaratory and injunctive relief that would prevent enforcement of portions of the PSPA. She contended that the sweep violates the Housing and Economic Recovery Act and said the Treasury acted “arbitrarily and capriciously.”


September 16, 2016 - Inside The GSEs

FHFA Seeks Input on Mortgage Originations Survey

The Federal Housing Finance Agency seeks comments on its National Survey of Mortgage Originations proposal to collect information from 24,000 borrowers annually about their experience with choosing and taking on a mortgage. Formerly known as the National Survey of Mortgage Borrowers, the FHFA renamed it earlier this summer to avoid confusion with the American Survey of Mortgage Borrowers. The ASMB is different in that it’s FHFA’s tool to solicit information specifically on the borrower’s experience with maintaining their existing mortgage. “In particular, the NSMO provides timely information on newly-originated mortgages and those borrowing that is not available from existing sources,” said the FHFA.


September 16, 2016 - Inside The GSEs

Fannie Names NPL Winners, Freddie Markets Multi-servicer NPL

Recent nonperforming loan activity at the GSEs includes billion dollar transactions in which Fannie Mae revealed the winning bidders of its seventh NPL auction and Freddie Mac marketed its first multi-servicer NPL sale. Subsidiaries of Goldman Sachs, Neuberger Berman, Lone Star and MFA were the winning bidders of Fannie’s latest nonperforming loan sale, totaling $1.06 billion. The GSE announced last week that it had sold 6,800 mortgages total, in four separate pools. Goldman’s MTGLQ Investors won the largest chunk, 2,887 loans with an aggregate unpaid principal balance of $468,901,523. Neuberger’s PRMF Acquisition LLC won the second pool, 1,551 loans, and Lone Star’s...


September 16, 2016 - Inside The GSEs

CSP Progress on Track, But Some Leary of Change, Market Fairness

Credit unions and some others in the industry are apprehensive about the changes the GSEs’ Common Securitization Platform will bring as the date nears for Freddie Mac to issue the first mortgage-backed security on the system. The National Association of Federal Credit Unions wrote the Federal Housing Finance Agency last week citing concerns about the CSP’s potential impact on credit unions. While the trade group said it is not opposed to creating a more efficient platform with an open architecture to support multiple issuers, Ann Kossachev, NAFCU’s counsel, worries about a level playing field. “NAFCU and its member credit unions are concerned that the consolidation of the securitization programs will make it more difficult for...


September 16, 2016 - Inside The GSEs

GSE MBS Issuance Up Again in August, Market Share Improved

Fannie Mae and Freddie Mac saw a solid 10.0 percent increase in production of single-family mortgage-backed securities in August, and there are signs that the GSEs are regaining some lost market share as well. The two GSEs issued $91.59 billion of single-family MBS last month, their highest monthly total since August 2013. Interestingly, most of the increase came from rising refinance activity. The flow of refi loans is up 14.0 percent at Fannie and 8.7 percent at Freddie, while purchase-mortgage business rose 9.9 percent and 6.3 percent, respectively, at the two firms. Two thirds of the way through 2016, GSE single-family business was still down slightly from the first eight months of last year.


September 16, 2016 - Inside MBS & ABS

BNY Mellon Expands Servicing Oversight Business by Handling Reporting to GSEs for Many Smaller Servicers

Bank of New York Mellon has expanded its servicing oversight business by looking beyond the shrinking non-agency MBS market. The company recently started handling reporting duties for many small servicers on mortgages serviced for the government-sponsored enterprises. For 25 years, BNY Mellon has been a master servicer on non-agency MBS. The role involves oversight of primary servicers. BNY Mellon’s master servicing portfolio for non-agency MBS has declined along with the total amount of non-agency MBS outstanding. The firm handled...


September 15, 2016 - Inside Mortgage Finance

First-Time GSE Homebuyer Loans Perform Better than Other Purchase Mortgages Despite Weaker Profile

Originations of mortgages to first-time homebuyers in recent years have performed better than other purchase mortgages securitized by the government-sponsored enterprises, according to an analysis by Moody’s Investors Service. The stronger performance of first-time homebuyers occurred even as purchase mortgages for repeat buyers tend to have stronger borrower characteristics. The rating service suggested that tighter underwriting coupled with borrower education and counseling have improved the performance of GSE first-time homebuyer mortgages. Moody’s said...


September 15, 2016 - Inside Mortgage Finance

Correspondents Most Active in Conventional-Conforming Space, Brokers Gained Ground in Government Lending

Retail lending through brick-and-mortar branches and consumer-direct programs was the biggest production channel in conventional mortgage lending but had a somewhat smaller share in government-insured lending, according to an exclusive analysis by Inside Mortgage Finance. Retail production played a dominant role in the jumbo market, where it accounted for 79.3 percent of originations over the 18-month period ending in June 2016. Correspondent production played a meaningful role, accounting for 16.1 percent of jumbo originations, but brokers (4.6 percent) had a relatively thin share of the jumbo market. Brokers’ strength was...[Includes one data table]


September 15, 2016 - IMFnews

Fannie Mae Survey: 55 Percent of Lenders See No Change in Profit Margin

Among other things, Fannie found that for 3Q16, more lenders expect to sell their mortgages to the GSEs rather than keeping them in portfolio.


September 13, 2016 - IMFnews

Short Takes: Does Anyone Recall What Happened on Sept. 6, 2008? / The Second Coming of the GSEs / Well, At Least Bernie is Happy / Former GSE Exec Maloni Puts it in Perspective / Is $5,000 a Fair Price for Foreclosure Legal Work?

The GSE conundrum in perspective: "The mortgage finance system is working so consumers are somnambulant; media occasionally write about it, but don’t get fired up; courts don’t seem to be upset over unprecedented Treasury bullying and revenue abuse..."


September 9, 2016 - Inside MBS & ABS

New Fannie, Freddie Refi Programs Will be ‘Credit Positive’ to GSE Risk-Sharing Deals, Moody’s Says

The new streamlined refinance programs for high loan-to-value loans to be rolled out by government-sponsored enterprises Fannie Mae and Freddie Mac next year are good news for market participants in their risk-sharing deals because they cut the risk of borrower default and the associated risk of investor loss, according to a recent report by analysts at Moody’s Investors Service. The programs are designed to provide much needed liquidity to borrowers with high LTV ratios who are current on their mortgage but can’t qualify for a more traditional refi. “The new programs are...


September 9, 2016 - Inside MBS & ABS

GSE Risk Sharing: Deep-Cover MI Proponents Suggest Pilot Program, Opponents Say MI Benefits Overrated

While many industry experts say Fannie Mae and Freddie Mac should explore deeper mortgage insurance coverage as an alternative form of credit-risk sharing, some say the role of private MIs is overrated. The Urban Institute recently published a paper advocating a broadening of the credit-risk transfer programs at the two government-sponsored enterprises to include private MI coverage down to the 50 percent loan-to-value ratio. The think tank also encouraged Fannie and Freddie to create a more transparent lender recourse program and to diversify their highly successful debt note CRT programs to provide investors more offerings with risk segmented by LTV ratio and credit scores. Although the Mortgage Bankers Association and U.S. Mortgage Insurers, the trade group that represents private MIs, have stumped...


September 9, 2016 - Inside MBS & ABS

Agency MBS Issuance Up Again in August, Mostly From Steady Increase in Flow of Refinance Loans

Issuance of single-family agency MBS rose 6.9 percent from July to August, according to a new ranking and analysis by Inside MBS & ABS. Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $138.25 billion of single-family MBS last month, their strongest aggregate monthly output since July 2013. Agency production volume has risen for six straight months since bottoming out in February of this year. Although the purchase-mortgage market has gotten most of the attention in recent months, it was...[Includes two data tables]


September 6, 2016 - IMFnews

Investors Unite Chief Loses Argument to Inspect Freddie Mac’s Records

IU’s Tim Pagliara owns roughly 346,000 shares of Freddie’s junior preferred stock, according to court documents.


September 6, 2016 - IMFnews

Going, Going but Not Quite Gone: GSE Buyback Demands

The GSE buyback total was down 20.6 percent from the first quarter…


September 2, 2016 - Inside The GSEs

GSE Roundup

FHFA’s TCPA Exemption Request Denied. The Federal Communications Commission turned down the Federal Housing Finance Agency’s request to exempt GSE mortgage servicing calls from prohibitions against robocalls, or automated dialing and calling systems, to contact delinquent borrowers. It refused the request, citing the exemption for Fannie Mae and Freddie Mac loans “because little in the way of facts has been entered into the record.” According to the commission, the FHFA, in its request, cites two different exemption provisions. However, the FCC said the FHFA failed to provide the information necessary for determining whether the calls at issue would satisfy the threshold requirements for exemption. Under the rule, calls to cell phones are capped at no more than three attempts...


September 2, 2016 - Inside The GSEs

Experts Call GSE Servicing Fees Excessive, Behind the Times

Panelists, including former Federal Housing Finance Agency Director Ed DeMarco, said that mortgage servicing has evolved over the years but the costs are still decades behind the times. During a recent seminar on mortgage servicing hosted by CoreLogic and the Urban Institute, industry experts discussed rising costs and the frequency of servicing transfers.Panelists, including DeMarco, now a senior fellow at the Milken Institute, said that mortgage servicing compensation has not changed in decades as the servicing industry itself has undergone what he called “profound changes. The minimum servicing fee for Fannie Mae and Freddie Mac has been stuck at 25 basis points since the 1980s, he said.


September 2, 2016 - Inside The GSEs

FHFA Loosens Regulations for New Business Activities by FHLBs

The Federal Housing Finance Agency issued a proposed rule last week that would reduce the amount of approval the Federal Home Loan Banks would need from the regulator before engaging in new business activities. This comes after the FHLBanks wrote the FHFA in 2013 following a request for public comment on existing regulations. The agency said this was done to help improve the banks’ effectiveness and reduce their burden. The agency announced the rule modifying part of its regulations regarding requirements for the FHLBanks’ new business activity in the Aug. 23, 2016, Federal Register.


September 2, 2016 - Inside The GSEs

Former Freddie CFO Loses Appeal and Ex Fannie CEO Settles Case

One former GSE executive lost his severance package case and another settled in a long-standing civil fraud lawsuit. Both cases came to a conclusion last week. Anthony Piszel, former chief financial officer at Freddie Mac, appealed a judgment from the U.S. Court of Federal Claims dismissing his complaint that Freddie owed him payment for his “golden parachute” compensation after he was terminated without cause at the start of the conservatorship. The question came down to whether or not a government prohibition on making golden parachute payments to terminated Freddie employees was illegal or not. Piszel was terminated two weeks after...


September 2, 2016 - Inside The GSEs

The Good and the Bad of the Redesigned URLA Form

Industry observers are weighing in on the redesigned Uniform Residential Loan Application, an industry standard that has largely remained the same for the past 20 years, until now. The GSEs published the new form last week to give lenders ample time to get familiar with it. The updated form won’t officially be in use until Jan. 1, 2018. The URLA is for single-family loans submitted to Fannie Mae and Freddie Mae, as well as mortgages insured by the FHA, VA or U.S. Department of Agriculture’s Rural Housing Services. The redesigned form falls under the larger Federal Housing Finance Agency and GSE initiative to standardize single-family mortgage data in the U.S.


September 2, 2016 - Inside The GSEs

UI: GSE Risk-Sharing Should Expand, Consider Future Impact

The GSE credit risk-transfer program should expand and take into consideration what role it will play in the greater financial system, according to the authors of a new white paper published late last week by the Urban Institute. UI’s Laurie Goodman, Jim Parrott and Ellen Seidman, along with Moody’s Analytics Mark Zandi, said although the credit risk-transfer effort has come a long way in the three years since it was implemented, it still has a long way to go to reaching its full potential. The authors’ primary criticism is that the credit risk-transfer process is too limited. They said it focuses almost exclusively, on how various risk- sharing structures might effectively reduce the current risk to Fannie Mae and Freddie Mac.


September 2, 2016 - Inside The GSEs

IU's Pagliara Loses Argument to Inspect Freddie Mac's Records

A high profile shareholder’s request to access Freddie Mac’s corporate records was shot down in a case dismissal last week as a federal court ruled that all shareholder rights were transferred to the Federal Housing Finance Agency during the conservatorship. In Timothy J. Pagliara v. Federal Home Loan Mortgage Corporation, plaintiff Tim Pagliara, chief executive of CapWealth Advisors and the executive director of Investors Unite, a GSE shareholders group, filed a lawsuit in court in March to gain access to Freddie’s records, as an individual stockholder. He owns approximately 346,000 shares of Freddie’s junior preferred stock, according to court documents.


September 2, 2016 - Inside The GSEs

New Streamlined Refi Program to Start in 2017, HARP Extended

Fannie Mae and Freddie Mac will implement a new high loan-to-value refinance option in October 2017 to replace the Home Affordable Refinance Program but lenders say it’s too early to know what to expect. While HARP was set to expire at the end of the year, the Federal Housing Finance Agency extended it to Sept. 30, 2017, so there is no gap in refinance offerings. The new high loan-to-value streamlined refinance option has not been named yet, but targets borrowers who are current on their mortgage loans, but have not been able to refinance through traditional programs because of high loan-to-value ratios.


September 2, 2016 - Inside The GSEs

IDR Update Includes New Intermediary Dispute Process

The GSEs recently introduced a new loan dispute procedure that lenders should use prior to engaging a third-party arbitrator. Fannie Mae and Freddie Mac launched their independent dispute resolution process early in the year as the final piece to the representation-and-warranties framework to help prevent buybacks.This process uses a neutral third-party arbitrator to determine a final, binding decision about whether there was a loan violation.However, the new impasse and management escalation process, announced last week, is intended to serve as an intermediary between the normal loan dispute appeal process and the final IDR process for seller/servicers.


September 2, 2016 - Inside The GSEs

Freddie Still Chipping Away at Legacy Buyback Issues

While Fannie Mae has mopped up virtually all of the buyback disputes on loans more than a few years old, Freddie Mac still has a stubborn supply of legacy repurchase demands on its hands. A new Inside The GSEs analysis of repurchase activity disclosures for the second quarter of 2016 reveals that 39.6 percent of Freddie’s pending and disputed buyback claims involved loans that were securitized prior to 2008. At Fannie, such loans accounted for just 0.7 percent of unresolved buyback demands as of the end of June. Freddie did make progress during the second quarter, however. In fact, 34.8 percent of the seller repurchases or indemnifications made during the...


September 2, 2016 - Inside Mortgage Trends

Seller Buybacks of GSE Loans Sank to Record Low in 2Q16, More Unresolved

Lender buybacks of mortgages sold to Fannie Mae and Freddie Mac may never completely disappear, but they are shrinking fast – especially when compared to soaring new business volume at the two government-sponsored enterprises. A new Inside Mortgage Trends analysis reveals that lenders repurchased, or made other indemnification, some $250.1 million of loans during the second quarter of 2016. That was the lowest quarterly ... [Includes two data charts]


August 26, 2016 - Inside MBS & ABS

Pressure for GSEs to Expand Role in Manufactured Housing Grows, Freddie Forms MH Task Force

Manufactured housing advocates are pushing for more government-sponsored enterprise support for manufactured lending, especially for chattel loans that are not considered mortgages because the loan is not secured by a dwelling and land. The issue has gathered steam as the Federal Housing Finance Agency works to finalize a “duty-to-serve” regulation for Fannie Mae and Freddie Mac that focuses on mortgage financing for very low-, low- and moderate-income families in rural areas and manufactured housing. Back in May, the Manufactured Housing Institute and representatives from both GSEs had discussed...


August 26, 2016 - IMFnews

GSEs Introduce a New Loan Dispute Appeal Process…

Fannie Mae and Freddie Mac introduced the IDR program back in February as the final piece to the representation-and-warranties framework.


August 25, 2016 - Inside Mortgage Finance

Freddie’s AVM Seen as Providing Home-Price Valuations Slightly Higher than Prices in Case-Shiller Index

New disclosures on risk-sharing transactions from Freddie Mac provide some details on the automated valuation model used by the government-sponsored enterprise to determine home prices and loan-to-value ratios. Freddie’s AVM – Home Value Explorer – provides home price valuations that are a little higher than the S&P CoreLogic Case-Shiller Home Price Indices, according to analysts at Bank of America Merrill Lynch. The analysts based their findings on estimates of current LTV ratios that Freddie recently added to monthly loan-level disclosures on Structured Agency Credit Risk transactions. LTV ratios based on Freddie’s AVM were...


August 25, 2016 - Inside Mortgage Finance

Appraisal Issues Increasingly Causing Delays of Purchase Mortgages in Busy Home-Buying Season

A shortage of appraisers and rising mortgage activity has prompted appraisal issues to account for more delayed closings, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. For home sales closed in July after experiencing a delay, appraisal-related issues accounted for the delay 14.1 percent of the time, based on a three-month moving average. That was up from a 12.4 percent share the previous month and nearly double the 7.2 percent share in January. “Closing times are...


August 25, 2016 - Inside Mortgage Finance

GSEs Introduce a New Loan Dispute Appeal Process Prior to Third-Party Arbitrator

Fannie Mae and Freddie Mac introduced a new impasse and management escalation process this week as a middleman between the normal loan dispute appeal process and the final independent dispute resolution (IDR) process for seller/servicers. The government-sponsored enterprises said they hope to resolve as many disputes as possible before any IDR process begins. The GSEs introduced...


August 25, 2016 - IMFnews

FHFA Readies Successor Program to HARP. Name to Follow

FHFA estimates there are roughly 300,000 homeowners potentially eligible to refinance through HARP.


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