The interagency task force on property appraisal and valuation equity has identified many steps Fannie Mae, Freddie Mac and the FHFA can take to reduce racial bias in the appraisal process.
Regulatory oversight of nonbank mortgage lender/servicers has increased in recent years, but most of the actions have been uncoordinated. In the latest move, FHFA proposed financial standards for GSE seller/servicers.
The Federal Housing Finance Agency plans to implement tiered financial requirements for nonbank servicers and set harsher treatment for Ginnie servicing than what’s currently required for GSE seller/servicers.
FHFA is reportedly working to re-propose updated financial eligibility requirements for Fannie/Freddie seller/servicers. The changes had been put on the back burner at the start of the pandemic.
FHFA’s increase of fees on GSE mortgages for second homes could shift some volume into the non-agency market. Demand for second homes is also increasing.
Shortly before his departure in June 2021, former FHFA Director Mark Calabria and his then-Chief of Staff John Roscoe pressed Fannie Mae CEO Hugh Frater to give a $250,000 bonus to a Fannie executive.
Industry participants are confident that the non-agency market can absorb some GSE mortgages that will otherwise be subject to higher fees; SFA highlights ABS LIBOR complication; Credit Suisse modifies MBS issued in 2019; New Residential set to issue single-family rental securitization.